Quick take:
- Ninety Eight has launched a $25 million ecosystem fund.
- The Vietnam-based Web3 coalition said it will use the fund to accelerate Web3 startups in Asia.
- One of the goals of the fund is also to encourage the use of Ninety Eight’s native token Coin98 $C98.
Ninety Eight, the creators of the decentralised finance token Coin98 has announced a $25 million ecosystem fund focused on accelerating Web3 startups in Asia. This announcement comes following the coalition’s rebranding from Coin98 Finance.
The fund is part of Ninety-Eight’s commitment to empowering web3 builders as they seek to address challenges they face amid the rapidly evolving Web3 space.
One of the biggest challenges that startups are facing in the Web3 industry is a decline in funding, as venture capital firms become more selective with their projects. Ninety-Eight said the coalition will “provide both financial and strategic support to selected startups, working closely with them to offer guidance and access to our extensive network of industry partners.”
In addition, developers can leverage Ninety Eight’s layer-1 blockchain platform Viction, formerly Tomochain and take advantage of the platform’s zero-gas transactions and advanced security features.
Commenting on the announcement, Thanh Le, CEO of Ninety Eight said in a statement: “Our path forward is guided by one principle – we are builders backing builders. Thanks to the incredible community that has brought us to where we are today, we are determined to give back. We believe that by supporting talented builders and providing them with the necessary resources, we can drive the adoption of Web3 technologies and shape the future of the decentralized internet.”
Ninety-Eight also plans to use the ecosystem fund to encourage the utilisation of its native token $C98. The token was initially designed as a wallet token but has since evolved into a powerful tool for web3 adaptation, the coalition said in a statement.
“Through the Ecosystem Fund, we seek to support startups that can leverage $C98 to create innovative and impactful solutions.”
The fund will be distributed by Ninety Eight’s venture arm Arche Fund, which will also work closely with selected startups to ensure they reach their maximum potential.
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