Vietnamese Web3 coalition Ninety Eight, creators of decentralized finance (DeFi) ecosystem Coin98, has launched a $25 million ecosystem fund dedicated to accelerating Web3 startups in Asia.
As announced on November 7th, the fund will provide financial and strategic support to the selected startups. Additionally, startups can leverage the company’s Viction Layer-1 blockchain infrastructure to conduct transactions at low cost and with greater security.
Another important aspect of the Ninety Eight Ecosystem Fund is its native token, $C98, which was originally designed as a wallet token. The $98 token allows users to store, send, receive and manage cryptoassets and connect to decentralized applications on over 40 blockchains. The eponymous DeFi platform offers users access to cross-chain swaps, staking, and yield farming.
“To ensure the efficient use of the Ecosystem Fund, we have entrusted its management to the Arche Fund, a venture arm within the Ninety Eight ecosystem. Arche Fund will be responsible for overseeing the fund and working closely with the selected startups to maximize their potential.”
In June, the company launched the Vietnam Future Fund to specifically support Vietnamese Web3 startups. “Coin98 has overcome numerous challenges on our own path to global expansion and recognizes the obstacles that Vietnamese startups often face in the early stages of navigating the global landscape,” the company said at the time.
According to blockchain analytics firm Chainalysis, Vietnam is currently the first country in the world when it comes to cryptocurrency adoption. 19% of adults report owning digital assets. Yet only nine Vietnamese educational institutions offer blockchain courses and there are only eight blockchain infrastructure projects in the Southeast Asian country.
Clarification: The information and/or opinions expressed in this article do not necessarily reflect the views or editorial policy of Cointelegraph. The information presented here should not be construed as financial advice or investment recommendations. All investments and commercial movements involve risks and it is each individual’s responsibility to conduct careful research before making any investment decision.
Investing in crypto assets is unregulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.