Ninety Eight Debuts $25M Ecosystem Fund to Push for Adoption of Web3 Technology in Vietnam

As Asia positions itself as a hotbed for Web3 technologies, key industrial players in the crypto sector have made impressive moves to push for mainstream adoption of crypto and blockchain technologies. On Tuesday, November 7, the best performing Web3 coalition in Vietnam, Ninety Eight, launched a $25 million Ecosystem Funding to offer financial and technical support to crypto startups at their early growth stage. 

In an official communication, the Ninety Eight team confessed that the fund will support eligible Web3 startups in optimizing their operations. The Ninety Eight team shared a grim detail of procedures involved in applying for the funding. 

Ninety Eight Launches $25 Million Funding for Web3 Startups

In the latter, the Vietnamese Web3 coalition mandated Arche Fund, an affiliate company, to Ninety Eight to facilitate the distribution of the funds to the qualified Web3 startups. During the launching of the Ecosystem Fund, the Arche team was tasked to oversee the reimbursement of funds to the selected startups. 

Also, the Arche team will work closely with the selected firms to support the Web3 startups in attaining the end goal. The announcement illustrated that the selected startups will be allowed to capitalize on Ninety Eight proprietary tools, such as Viction, a layer-1 blockchain network. 

Unlike other blockchain networks, Viction will support the selected startups to conduct transactions at a low gas charges. A review of the Viction features demonstrated that the blockchain network aims at providing the user with advanced security tools.

 It implies that the selected startups for the Ecosystem Funding will be privileged to trade the Ninety Eight native token C98. This development will allow eligible startups to effectively manage their crypto assets and connect to numerous decentralized finance (DeFi) applications. 

C98 Token Market Outlook

As of press 07:08 (UTC), C98 has established a strong recovery phase with a potential increase of 1.3% to trade at $0.207 in a day. The impressive peak of C98 triggered the daily trading volume to reach $41 million, an 18.31% increase within the last 24 hours.

Reportedly, the launching of the Ecosystem Fund demonstrated Ninety’s unwavering commitment to pushing for the adoption of Web3 in the Asian-Pacific region.

 In June, the Ninety Eight team launched the Vietnam Future Fund to support Web3 startups in Southern Asia. The primary focus of Ninety Eight investment aims at supporting Web3 startups to overcome challenges in the crypto industry. 

With fierce competition in the digital space, the Ninety Eight team seeks to support Web3 startups at their early growth stages to expand their geographical presence. In an early post, the Ninety Eight team confessed to encountering numerous challenges in the attempt to expand its market presence across the globe. 

Despite the external challenges faced by the Ninety Eight group, the company was pleased to announce that crypto adoption in Vietnam has gradually increased. According to Chainalysis, approximately 19% of the adult Vietnamese own a substantial amount of crypto assets. The report demonstrated that Vietnam residents between the ages of 24 and 34 years have a growing interest in crypto and blockchain.

Factors Contributing to High Adoption of Crypto in Vietnam

Consequently, the surge in crypto activities in Vietnam has triggered the revenue from crypto-related activities to increase. In a recent study, Vietnam expects crypto to generate approximately $109.4 million at the end of this year.

The exciting growth of crypto adoption in Vietnam stemmed from the decisive action to offer crypto and blockchain education in most learning institutions. At present, around nine education centers, including Hanoi University of Science and Technology, have introduced blockchain training to equip learners with fundamental skills on crypto and Web3, among others.

 Also, Vietnam boasts of having well-developed blockchain infrastructures. Besides offering blockchain and cryptography education, the State Bank of Vietnam (SBV) is gearing towards launching the central bank digital currency (CBDC). 

In April, the SBV official, in collaboration with several government agencies, enrolled in an upskilling program facilitated by the International Monetary Funds (IMF). The training focused on the formulation of policies and models, risk management, and other legal implications of the CBDC.

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