Vietnam-based Web3 company, Ninety Eight, the creator of the decentralized finance ecosystem (DeFi) Coin98, has announced the launch of a $25 million ecosystem fund to accelerate Web3 startups in the Asian market. According to the official announcement made on November 7th on their website, the fund will provide financial and strategic support to selected Web3 startups.
With this development, Web3 startups can utilize the company’s existing Viction Layer-1 blockchain infrastructure for low-cost transactions and advanced security capabilities. Another noteworthy aspect of the Ninety Eight Ecosystem Fund is the native token, $C98, initially designed as a wallet token.
The token named C98 enables users to store, send, receive, and manage their crypto assets, as well as connect to decentralized applications in more than 40 blockchain ecosystems. Additionally, users are provided access to cross-chain swaps, staking, and farming operations through the DeFi platform bearing the name C98. The announcement stated the following:
“To ensure the efficient use of the Ecosystem Fund, we have entrusted the management of Arche Fund, an incubation branch within the Ninety Eight ecosystem. Arche Fund will be responsible for overseeing the fund and working closely with selected startups to maximize their potential.”
In June, the company announced the launch of the Vietnam Future Fund specifically to support Vietnam-based Web3 startups. The company stated the following at the time:
“After overcoming numerous challenges on our path to global expansion, Coin98 understands the obstacles that Vietnam-based startups often face in navigating the global landscape.”
According to blockchain data analysis firm Chainalysis, Vietnam is currently the top country in terms of crypto adoption, with 19% of adults stating they own crypto assets. However, despite this, only nine educational institutions in Vietnam offer blockchain courses, and there are only eight blockchain infrastructure projects in the Southeast Asian country.