The Vietnamese Web3 coalition known as Ninety Eight, has unveiled a $25 million ecosystem fund. This fund is primarily aimed at boosting the growth of Web3 startups in the Asian region.
As of the announcement made on November 7th, this fund is poised to offer both financial and strategic backing to selected startup ventures. Furthermore, these startups can harness the pre-existing Viction layer-1 blockchain framework provided by the company, ensuring cost-effective transactions and heightened security.
The Ninety Eight Ecosystem Fund encompasses a distinctive element in the form of its indigenous token, C98, which was originally conceived as a wallet token. The C98 token empowers users to securely store, transfer, receive, and oversee cryptocurrency assets.
Additionally, it enables users to connect with decentralized applications across more than 40 different blockchain networks. Furthermore, the platform of DeFi, named after this token, grants users access to cross-chain swaps, staking options, and yield farming opportunities.
Arche Fund to Spearhead Efficient Management of Ecosystem Fund for Ninety Eight
In an effort to ensure the efficient allocation of the Ecosystem Fund, its management has been entrusted to Arche Fund, an integral branch within the Ninety Eight ecosystem. Notably, Arche Fund shoulders the responsibility of fund oversight and collaborates closely with the chosen startups, maximizing their growth potential.
Additionally, in June, the company launched the Vietnam Future Fund, which is designed to assist emerging Vietnamese Web3 startups. The company expressed its perspective, stating;
“Having overcome numerous challenges during our own journey towards global expansion, Coin98 has gained a deep understanding of the obstacles that early-stage Vietnamese startups frequently face when venturing into the global arena.”
Vietnam Leads Global Crypto Adoption, Yet Faces Education and Infrastructure Gaps
Vietnam currently stands as the global leader in crypto adoption, as per data from blockchain analytics firm Chainalysis. Subsequently, an impressive 19% of adults in the country claim ownership of digital assets.
Nevertheless, there is a notable discrepancy. Only nine educational institutions in Vietnam offer blockchain courses. Moreover, the nation hosts merely eight active blockchain infrastructure projects within Southeast Asia.
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