Vietnamese DeFi ecosystem creator, Web3 Alliance 98, which operates under the name Coin98 Vietnam, has launched a dedicated $25 million ecosystem fund aimed at accelerating Web3 startups across Asia. The announcement on November 7 outlined the fund's primary purpose as offering financial and strategic support to selected startups. Additionally, startups can leverage the existing Viction Layer-1 blockchain infrastructure provided by the company to enable low gas fee transactions and enhanced security.
One significant aspect of the Ninety-Eight Ecosystem Fund is its native token, C98, initially designed as a wallet token. The C98 token enables users to store, send, receive, and manage various crypto assets, along with connecting to decentralized applications across more than 40 blockchains. The platform bearing the same name, Coin98, offers users access to cross-chain swapping, staking, and liquidity mining. The management of the ecosystem funds will be entrusted to Arche Fund, a venture capital institution within the 98 Ecosystem, to ensure efficient deployment. Arche Fund will oversee the fund and collaborate closely with selected startups to maximize their potential.
In June, the company introduced the Vietnam Future Fund, dedicated to supporting Vietnamese Web3 startups. Coin98's understanding of the challenges faced by Vietnamese startups during the early stages of global expansion was emphasized as a driving force behind this initiative. It aims to provide these startups with the resources and support they need to navigate their global expansion successfully.
Vietnam currently boasts the world's highest cryptocurrency adoption rate, with 19% of adults reporting ownership of digital assets, according to blockchain analytics firm Chainalysis. Despite this notable adoption rate, only nine educational institutions in Vietnam offer blockchain courses, and the country has just eight blockchain infrastructure projects. The launch of the Ninety-Eight Ecosystem Fund positions Coin98 as an advocate for nurturing and advancing the Web3 ecosystem across Asia and addressing the unique challenges and opportunities presented by this rapidly evolving sector.
