Vietnamese Web3 coalition Ninety Eight, known for pioneering the Coin98 decentralized finance (DeFi) ecosystem, recently announced a substantial development. They have unveiled a substantial $25 million ecosystem fund, with the aim of propelling the growth of Web3 startups in Asia. In this article, we'll delve deeper into the implications of this announcement and its potential impact on the blockchain community.
Company Overview
Ninety Eight, the mastermind behind the Coin98 DeFi ecosystem, boasts a stellar track record in the crypto space. Their pivotal role in establishing a robust foundation for decentralized finance has made it accessible to a wide audience. This commitment to Web3 innovations has culminated in an exciting opportunity for startups.
The Ninety Eight Ecosystem Fund
This $25 million fund goes beyond mere financial support. It serves as a comprehensive support system tailored to nurture Web3 startups, encompassing the following key elements:
Financial Backing: The fund extends financial support to selected startups, empowering them to transform ideas into reality and make a substantial impact in the blockchain industry.
Strategic Guidance: In addition to financial support, Ninety Eight's ecosystem fund provides strategic guidance. This mentorship is crucial for startups navigating the intricate landscape of blockchain and Web3, increasing their likelihood of success.
Viction Layer-1 Blockchain: Startups can leverage the Viction layer-1 blockchain infrastructure known for its low-gas-fee transactions and heightened security. This ensures more efficient and secure blockchain operations for the supported projects.
C98 Token: A standout feature of this fund is the C98 token, initially designed as a wallet token. This versatile token facilitates storage, transfer, receipt, and management of various cryptocurrencies. Moreover, it enables connections to decentralized applications on over 40 different blockchains, serving as both a utility and store of value.
To ensure the fund's efficacy, Ninety Eight has entrusted Arche Fund, a venture arm within their ecosystem, with its management. Arche Fund will oversee the fund and collaborate closely with selected startups to maximize their potential, adding credibility and reliability to the fund's management.
