The Ninety Eight Group, a Vietnamese conglomerate at the forefront of Web3 technology, has announced the creation of a $25 million fund aimed at nurturing Web3 startups across Asia. This initiative, spearheaded by the minds behind the Coin98 DeFi platform, is set to offer both financial backing and strategic guidance to emerging ventures in the region.
With the launch date set on November 7, the Ninety Eight Ecosystem Fund has been designed to leverage the group’s proprietary Viction blockchain. This allows participating startups to benefit from reduced transaction fees and bolstered security. Additionally, the fund’s core asset, the C98 token, which originated as a wallet utility token, now serves multiple functions including transactions and interaction with decentralized applications across over 40 blockchain networks.
The fund management will be under the stewardship of Arche Fund, an investment wing within the Ninety Eight network, which will closely mentor the startups to optimize their growth trajectories.
Preceding this initiative, in June, the group set up the Vietnam Future Fund specifically targeting the growth of Vietnamese Web3 businesses. Having faced and surmounted their own challenges in reaching a global audience, Coin98 is well-acquainted with the hurdles local startups face and aims to ease this path for others.
Vietnam boasts the highest rate of cryptocurrency adoption globally, with 19% of the adult population engaged in the digital asset market as per Chainalysis. Despite such a vibrant crypto environment, Vietnam’s blockchain education and infrastructure development lag behind, with limited courses and projects in the sector.
With this financial injection, the Ninety Eight Group looks to not only foster innovation but also bridge the educational and developmental gaps, positioning Vietnam as a formidable force in the global Web3 landscape.
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