Vietnamese Web3 coalition Ninety Eight launches $25M ecosystem fund

Vietnamese Web3 coalition Ninety Eight has announced the launch of a $25 million ecosystem fund aimed at accelerating Web3 startups in Asia. The fund, which was unveiled on November 7, will provide financial and strategic support to selected startups. In addition, startups will have access to the coalition's Viction layer-1 blockchain infrastructure, offering low-gas fee transactions and enhanced security.

A boost for Web3 startups

The Ninety Eight Ecosystem Fund aims to support and nurture the growth of Web3 startups in Asia. With $25 million in funding, the fund will provide selected startups with the financial resources and strategic guidance they need to succeed. Additionally, startups will be able to leverage the coalition's Viction layer-1 blockchain infrastructure, which offers secure and cost-effective transactions.

Introducing $C98

One key feature of the Ninety Eight Ecosystem Fund is its native token, $C98. Initially designed as a wallet token, $C98 allows users to store, send, receive, and manage crypto assets. It also enables users to connect to decentralized applications across more than 40 blockchains. The namesake DeFi platform associated with the token provides users with access to cross-chain swaps, staking, and yield farming.

Strategic management

"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."

Supporting Vietnamese startups

Earlier this year, Ninety Eight launched the Vietnam Future Fund, a dedicated initiative to support Vietnamese Web3 startups. The company stated that it understands the challenges faced by Vietnamese startups in navigating the global landscape. With the new ecosystem fund, Ninety Eight aims to further empower and accelerate the growth of the Vietnamese Web3 community.

Vietnam's thriving crypto scene

Vietnam is currently leading the way 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, despite this high adoption rate, only nine educational institutions in Vietnam offer blockchain courses, and there are only eight blockchain infrastructure projects in the country. The Ninety Eight Ecosystem Fund aims to bridge this gap and provide much-needed support to the emerging Web3 ecosystem in Vietnam.