Vietnamese Web3 Coalition Launches $25M Ecosystem Fund for Startups in Asia
The Vietnamese Web3 coalition Ninety Eight, known for creating the Coin98 decentralized finance (DeFi) ecosystem, has recently announced the launch of a $25 million ecosystem fund aimed at accelerating Web3 startups in Asia. This fund is designed to offer both financial and strategic support to selected startups. In addition, it provides access to the firm’s Viction layer-1 blockchain infrastructure for low-gas fee transactions and enhanced security.
The Ninety Eight Ecosystem Fund also features its native token, $C98, initially designed as a wallet token. This token enables users to store, send, receive, and manage crypto assets, as well as connect to decentralized applications on over 40 blockchains. The namesake DeFi platform offers cross-chain swaps, staking, and yield farming.
“To ensure the efficient deployment of the Ecosystem Fund, we have entrusted Arche Fund, a venture arm within the Ninety Eight ecosystem, with its management. Arche Fund will be responsible for overseeing the fund and working closely with selected startups to maximize their potential.”
Vietnam Future Fund for Web3 Startups
In addition to the recent announcement, Ninety Eight had previously launched a Vietnam Future Fund specifically tailored to support Vietnamese Web3 startups. The company stated that they understand the challenges Vietnamese startups face when navigating the global landscape.
Despite being the top country in terms of crypto adoption, with 19% of adults reporting ownership of digital assets, Vietnam only has nine educational institutions offering blockchain courses and eight blockchain infrastructure projects within the country.
Hot Take: Expanding Support for Web3 Startups in Asia
Ninety Eight’s launch of a $25 million ecosystem fund signals a significant step towards accelerating the growth of Web3 startups in Asia. By providing financial and strategic support, along with access to blockchain infrastructure and native tokens like $C98, Ninety Eight aims to empower selected startups and contribute to the overall development of the Web3 ecosystem in the region. As Vietnam leads in crypto adoption but faces limited educational resources and infrastructure projects, initiatives like these are crucial for fostering innovation and growth within the Asian Web3 startup landscape.
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