Vietnamese Web3 coalition Ninety Eight launches $25M ecosystem fund

The capital will be dedicated to supporting Web3 startups in Asia.

Vietnamese Web3 coalition Ninety Eight, creator of the Coin98 decentralized finance (DeFi) ecosystem, has launched a $25 million ecosystem fund dedicated to accelerating Web3 startups in Asia.

According to the Nov. 7 announcement, the fund will provide financial and strategic support for selected startups. In addition, startups can use the firm's existing Viction layer-1 blockchain infrastructure for low-gas fee transactions and enhanced security. 

Another key aspect of the Ninety Eight Ecosystem Fund is its native token, $C98, designed initially as a wallet token. The $C98 token allows users to store, send, receive, and manage crypto assets, as well as connect to decentralized applications on over 40 blockchains. Its namesake DeFi platform provides users access to 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."

In June, the firm launched a Vietnam Future Fund to specifically support Vietnamese Web3 startups. "After overcoming 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 stated at the time. 

Vietnam is currently the top country in the world in terms of crypto adoption, according to blockchain analytics firm Chainalysis, with 19% of adults reporting that they own digital assets. Despite this, only nine Vietnamese educational institutions provide blockchain courses, and only eight blockchain infrastructure projects are present within the Southeast Asian country. 

Related: Thailand’s national airdrop, Delio users screwed, Vietnam top crypto country

Comments

Post a Comment

Popular posts from this blog

Elon Musk Denies Talks to Raise $3 Billion to Pay Twitter Debt Elon Musk Denies Talks to Raise $3 Billion to Pay Twitter Debt

Image
The Wall Street Journal reported that Elon Musk is in talks to raise $3 billion to pay off the substantial Twitter debt looming over the platform. The report states that Musk is exploring potential fundraising in an effort to begin paying back some of the $13 billion in debts that are connected to the social media platform. The report notes that Musk and his representatives have been in talks to sell up to $3 billion in Twitter shares. Adding that people close to the matter have cited discussions as far back as December. Conversely, Musk has taken to Twitter to deny the report. Source: MacRumors Musk Seeking Sale of $3 billion in Twitter Shares Since his $44 billion acquisition of the platform months ago, it has not been an easy road for Elon Musk ’s new Twitter . The controversy surrounding mass layoffs, and the highly publicized development of the subscription service have all been a constant aspect of the platform since his ownership. A massive part of his early per...
Read more

Shiba Inu Poised To Destroy A Zero: Here's When

Image
The Shiba Inu network is setting its sights on a significant milestone in the world of crypto currencies: the eradication of a decimal point. In crypto lingo, “eliminating a zero” is the term used when a coin’s price increases tenfold, effectively shifting its decimal point to the right. While this journey may be lengthy, it is by no means unattainable, and the SHIB community is abuzz with anticipation. With Shiba Inu’s (SHIB) current price standing at $0.00000793, the community is optimistic about SHIB’s prospects for destroying another zero from its price point. To accomplish this feat and breach the $0.00001 level, SHIB would need to achieve a gain of roughly 25.5%. Notably, the last time SHIB traded above the $0.000001 mark was back in August, as per Binance’s data. Source Amidst this development, the SHIB market saw a recent decrease in trading volume. While some may find this worrisome, others interpret it as a positive signal. Reduced tra...
Read more

After BRICS Success, President Xi Jinping Likely To Skip G20 Summit

Image
After the successful BRICS summit in Johannesburg, Chinese President Xi Jinping is most likely to skip attending the G20 summit in New Delhi, India. Sources familiar with the matter said that Chinese Premier Li Qiang will represent that nation at the G20 summit in September. Two Indian officials, one diplomat in China, and an official of another G20 country told Reuters on condition of anonymity that Qiang is expected to lead China’s efforts on behalf of Jinping at the summit. Also Read: Second BRICS Expansion Soon: South African PM Makes Huge Announcement Jinping is most likely skipping the G20 summit comes on the heels of the border dispute between India and China. The recent controversy over border disputes engulfed after China drew a map showcasing Arunachal Pradesh a part of Chinese territory. For the uninitiated, Arunachal Pradesh is a State in the northeast part of India and borders China. The proximity to China has caused several border disputes for decades. Whil...
Read more