Vietnamese Web3 Alliance 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 November 7 announcement, the fund will provide financial and strategic support to selected startups. Additionally, startups can use the company’s existing Viction Layer-1 blockchain infrastructure for lower gas fee transactions and enhanced security.

Another key aspect of the Ninety Eight Ecosystem Fund is its native token, $C98, initially designed 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 more than 40 blockchains. The DeFi platform of the same name provides users with access to cross-chain swaps, staking, and yield farming.

“To ensure the effective deployment of the Ecosystem Fund, we have entrusted its management to the Arche Fund, an investment arm within the Ninety Eight ecosystem. The Arche Fund will be responsible for overseeing the fund and working closely with the selected startups to maximize their potential.”

In June, the company launched the Vietnam Future Fund to specifically support Vietnamese Web3 startups. “Having overcome many challenges on our path to global expansion, Coin98 understands the obstacles 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 cryptocurrency adoption, according to blockchain analytics firm Chainalysis, with 19% of adults reporting they own digital assets. Despite this, only nine Vietnamese educational institutions offer blockchain training courses, and there are only eight blockchain infrastructure projects within the Southeast Asian country.

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