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Vietnamese Web3 coalition Ninety Eight launches $25M ecosystem fund

Vietnamese Web3 coalition Ninety Eight launches $25M ecosystem fund

The Vietnamese Web3 coalition Ninety Eight, creator of the Coin98 decentralized finance (DeFi) ecosystem, has unveiled a $25 million ecosystem fund aimed at accelerating Web3 startups in Asia.

According to the announcement on Nov. 7, the fund will offer financial and strategic support to selected startups. In addition, startups can take advantage of the firm’s existing Viction layer-1 blockchain infrastructure for low-gas-fee transactions and enhanced security.

Another important feature of the Ninety Eight Ecosystem Fund is its native token, C98, which was initially designed as a wallet token. The C98 token enables 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 introduced its Vietnam Future Fund to support Vietnamese Web3 startups. The company stated, “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.”

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

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