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.
According to the November 7 announcement, the fund will provide financial and strategic support to select startups. Additionally, startups can leverage the company’s existing Viction Layer 1 blockchain infrastructure for transactions with low gas fees and increased 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 crypto assets 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 appointed Arche Fund, a venture arm within the Ninety Eight ecosystem, to manage it. Arche Fund will be responsible for overseeing the fund and working closely with selected startups to maximize their potential.”
In June, the company launched a Vietnam Future Fund to specifically support Vietnamese Web3 startups. “Having overcome numerous challenges on our own path to global expansion, Coin98 understands 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 world’s leading country in terms of 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.
Related: Thailand’s National Airdrop, Delio Users Duped, Vietnam Top Crypto Country
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