Vietnamese Web3 Coalition Launches $25M Ecosystem Fund

The Vietnamese Web3 coalition Ninety Eight has established a $25 million ecosystem fund through the Coin98 decentralized finance (DeFi) ecosystem with the specific goal of accelerating the development of Web3 enterprises in Asia.

As stated in the announcement dated November 7, certain firms will receive financial and strategic assistance from the fund.

Additionally, the firm’s existing Viction layer-1 blockchain infrastructure is available to startups for enhanced security and minimal gas fee transactions.

The Ninety-Eight Ecosystem Fund’s native token, $C98, which was originally intended for use as a wallet token, is an additional crucial element.

Users can store, transmit, receive, and manage crypto assets with the $C98 token, in addition to connecting to decentralized applications across more than 40 blockchains.

Users are granted access to cross-chain swaps, staking, and yield harvesting via its namesake DeFi platform. The firm established the Vietnam Future Fund in June with the explicit purpose of providing support to Web3 businesses in Vietnam.

“After overcoming numerous challenges on our path to global expansion, Coin98 understands the obstacles that Vietnamese startups often face in the early stages of navigating the global landscape,” according to the business at the time.

Chainalysis, a firm that analyzes blockchain data, ranks Vietnam as the leading nation globally in terms of cryptocurrency adoption, with 19% of citizens claiming to be holders of digital assets.

Notwithstanding this, the provision of blockchain courses in educational institutions in Vietnam is limited to nine, while the number of active blockchain infrastructure initiatives in the Southeast Asian nation stands at eight.