Vietnamese Web3 coalition Ninety Eight launches $25M ecosystem fund

The capital will be dedicated to supporting Web3 startups in Asia.

Vietnamese Web3 coalition Ninety Eight, creator of the Coin98 decentralized finance (DeFi) ecosystem, has launched a $25 million ecosystem fund dedicated to accelerating Web3 startups in Asia.

According to the Nov. 7 announcement, the fund will provide financial and strategic support for selected startups. In addition, startups can use the firm’s existing Viction layer-1 blockchain infrastructure for low-gas fee transactions and enhanced security.

Another key aspect of the Ninety Eight Ecosystem Fund is its native token, $C98, designed initially as a wallet token. The $C98 token allows users to store, send, receive, and manage crypto assets, as well as connect to decentralized applications on over 40 blockchains. Its namesake DeFi 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.”

In June, the firm launched a Vietnam Future Fund to specifically support Vietnamese Web3 startups. “After overcoming numerous challenges on our own path to global expansion, Coin98 understands the obstacles that Vietnamese startups often face in the early stages of navigating the global landscape,” the company stated at the time.

Vietnam is currently the top country in the world in terms of crypto adoption, according to blockchain analytics firm Chainalysis, with 19% of adults reporting that they own digital assets. Despite this, only nine Vietnamese educational institutions provide blockchain courses, and only eight blockchain infrastructure projects are present within the Southeast Asian country.