Vietnamese Blockchain Group Launches $25M Fund to Boost Asian Web3 Startups
Summary:
The Vietnamese Web3 coalition Ninety Eight, has initiated a $25 million fund to boost Web3 startups in Asia and offer financial support and strategic guidance. The fund additionally provides chosen startups with access to the firm's Viction layer-1 blockchain infrastructure. Arche Fund, an internal venture unit of Ninety Eight, is entrusted with the task of managing the fund and collaborating with selected startups to optimize their potential.
Ninety Eight, the Vietnamese collective behind the Coin98 decentralized finance (DeFi) ecosystem, has announced the initiation of a $25 million fund aimed at fueling the growth of Web3 startups in Asia. The official announcement made on Nov. 7 stated that the fund would offer not just financial aid but also strategic guidance to chosen startups. These startups will also have access to the organization's pre-existing Viction layer-1 blockchain infrastructure for secure, low-fee transactions.
One more significant feature of the Ninety Eight Ecosystem Fund is its inherent token, $C98, originally conceptualized as a wallet token. This token facilitates the storage, transfer, and management of crypto assets, along with enabling connections to decentralized applications across more than 40 blockchains. Coin98, the corresponding DeFi platform, offers users the ability to partake in cross-chain swaps, staking, and yield farming.
The Ninety Eight team has placed the responsibility of managing the Ecosystem Fund in the hands of Arche Fund, an internal venture unit. "Arche Fund will spearhead operations, closely collaborating with selected startups to realize their full potential," said the announcement.
Earlier in June, Ninety Eight introduced the Vietnam Future Fund, purpose-built to back Vietnamese Web3 startups. The company acknowledged the challenges that local startups often encounter while trying to establish a global presence. "With firsthand experience, Coin98 can deeply empathize with the hurdles Vietnamese startups are likely to face during their early growth periods," the firm shared.
Despite Vietnam currently ranking as the world's leading nation in terms of crypto adoption, with 19% of its adult population claiming ownership of digital assets, there are only nine educational institutions offering blockchain courses. Moreover, merely eight blockchain infrastructure projects are underway in this Southeast Asian nation, according to data from Chainalysis, a blockchain analytics firm.
Published At
11/7/2023 6:10:00 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.