Ninety-Eight Launches Web3 Coalition Fund Worth $25 Mln

Ninety-Eight, a Vietnamese Web3 coalition and creator of the Coin98 decentralized finance (DeFi) ecosystem, has recently launched a $25 million ecosystem fund.

The fund is meant to support and accelerate Web3 startups in Asia by offering financial and strategic support to selected startups. Additionally, startups can also use the firm’s existing Viction layer-1 blockchain infrastructure, which provides low-gas-fee transactions and enhanced security.

The Ninety Eight Ecosystem Fund also features a native token called C98. Initially designed as a wallet token, C98 enables users to store, send, receive, and manage their crypto assets.

The token also allows users to connect to decentralized applications on over 40 blockchains. Furthermore, the 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,” Ninety Eight said in a statement.

In June, Coin98 launched the Vietnam Future Fund intending to support Vietnamese Web3 startups.

The company stated that it understands the obstacles that Vietnamese startups often face in the early stages of navigating the global landscape, having successfully overcome numerous challenges on its own path to global expansion.

Vietnam is currently leading the world in terms of crypto adoption, with 19% of adults in the country reporting that they own digital assets, according to blockchain analytics firm Chainalysis.

However, the number of Vietnamese educational institutions that offer blockchain courses is only nine, and only eight blockchain infrastructure projects are currently present in Southeast Asia.