Vietnamese Web3 coalition aims to bolster blockchain and crypto industry in the region, providing financial and strategic support to startups and access to essential blockchain infrastructure
The Vietnamese Web3 coalition, Ninety Eight, has launched a $25 million ecosystem fund. This fund is designed to support Web3 startups in Asia. The move is seen as a significant step in bolstering the blockchain and crypto industry in the region. The fund aims to provide both financial and strategic support to these startups. Additionally, it will offer access to the firm's blockchain infrastructure.
The fund's native token, $C98, plays a crucial role in this ecosystem. It allows users to store, send, receive, and manage crypto assets. This token is expected to facilitate transactions within the ecosystem, making it easier for startups to operate and innovate in the Web3 space.
Interestingly, Vietnam is currently the top country in the world in terms of crypto adoption. Despite this, there is a noticeable lack of blockchain education and infrastructure projects in the country. This gap presents a unique opportunity for initiatives like Ninety Eight's ecosystem fund to make a significant impact.
The launch of this fund comes on the heels of the Vietnam Future Fund, another initiative aimed at supporting Vietnamese Web3 startups. These efforts signal a growing interest in developing the Web3 sector in Vietnam and across Asia. With the necessary financial and infrastructural support, the region could become a hotbed for blockchain innovation.
The launch of Ninety Eight's ecosystem fund is a promising development for Web3 startups in Asia. It not only provides much-needed financial support but also offers strategic guidance and access to essential blockchain infrastructure. With the continued growth and adoption of crypto in Vietnam, such initiatives are likely to play a key role in shaping the future of the country's blockchain industry.