Funding the Future of Web3

Ninety Eight, the brain behind Coin98’s decentralized finance ecosystem, has announced a significant $25 million Ecosystem Fund aimed at propelling Web3 startups across Asia. This strategic move is set to invigorate the region’s digital economy while making investors and entrepreneurs alike break out in a collective joy dance.

What’s in the Fund?

The fund isn’t just a pile of cash waiting to be handed out willy-nilly. Selected startups will score not only financial backing but also strategic guidance from Ninety Eight’s seasoned team. This ensures a well-rounded approach where cash meets expertise, kind of like peanut butter and chocolate, but in the startup world.

Launching with a Solid Backbone

Startups will have the privilege to leverage Ninety Eight’s Viction layer-1 blockchain, which boasts low-gas-fee transactions and enhanced security measures—talk about a slick deal! This infrastructure aims to ease the heavy lifting involved in running blockchain ventures, making it easier for new ideas to blossom without the hefty toll of high transaction fees. Just don’t confuse it with a trip to the car repair shop where the bill keeps rising!

The All-Powerful C98 Token

Oh, and let’s not forget about C98, the native token that started as just a wallet order and is now on a mission to conquer the universe… or at least 40 blockchains. This bad boy allows users to store, send, and manage crypto assets seamlessly, optimizing user experiences across decentralized applications. Not to mention, it supports cross-chain swaps, staking, and yield farming, giving users more options than a pizza menu on a Friday night.

Managing the Fund: Enter Arche Fund

To ensure the Ecosystem Fund is as effective as a triple-shot espresso on a Monday morning, the management responsibilities have been handed over to Arche Fund. This venture arm of Ninety Eight is tasked with the crucial role of maximizing the fund’s impact, working closely with selected startups to ensure they reach their utmost potential.

Vietnam: A Rising Star in Crypto

Did you know that Vietnam is currently topping global charts when it comes to crypto adoption, according to insights from blockchain analytics powerhouse Chainalysis? With a staggering 19% of adults reported as crypto-holders, Vietnam is ready to embrace the crypto revolution. But while the excitement is palpable, the nation still grapples with a limited number of institutions providing blockchain education. Only nine colleges have popped up in the blockchain world, while a mere eight infrastructure projects are keeping the digital dream alive.

As we watch Ninety Eight and its Ecosystem Fund embark on this exciting journey, the hope is that with a little investment, guidance, and innovation, we’ll see more Vietnamese startups breaking through the global barrier and making their mark in the Web3 space.