Vietnamese Web3 coalition Ninety Eight, renowned for creating the Coin98 decentralized finance (DeFi) ecosystem, recently made a significant announcement. They have introduced a whopping $25 million ecosystem fund, aiming to supercharge the growth of Web3 startups in Asia. In this blog, we’ll dive deeper into what this means and how it can impact the blockchain community.
About the Company
Ninety Eight, the brain behind the Coin98 DeFi ecosystem, has an excellent track record in the crypto space. They have been instrumental in developing a strong foundation for decentralized finance, making it accessible to everyone. Their commitment to Web3 innovations has led to the creation of this exciting opportunity for startups.
What is the Ninety Eight Ecosystem Fund?
This $25 million fund is not just about money. It’s a comprehensive support system designed to foster Web3 startups. Here are some key elements:
- Financial Support: The fund will offer financial backing to selected startups, helping them take their ideas from concept to reality. This support can be invaluable for entrepreneurs who want to make a significant impact in the blockchain industry.
- Strategic Guidance: In addition to money, Ninety Eight’s ecosystem fund will provide strategic guidance. This mentorship can help startups navigate the complex world of blockchain and Web3, increasing their chances of success.
- Viction Layer-1 Blockchain: Startups can leverage the Viction layer-1 blockchain infrastructure, which is known for its low-gas-fee transactions and enhanced security. This means more efficient and secure blockchain operations for the supported projects.
- C98 Token: One of the standout features of this fund is the C98 token, initially designed as a wallet token. This versatile token allows users to store, send, receive, and manage various cryptocurrencies. Furthermore, it enables connections to decentralized applications on over 40 different blockchains. So, the C98 token serves as both a utility and a store of value.
To ensure the fund’s effectiveness, Ninety Eight has entrusted Arche Fund, a venture arm within their ecosystem, with its management. Arche Fund will oversee the fund and work closely with selected startups to maximize their potential. This partnership enhances the credibility and reliability of the fund’s management.
Conclusion
The launch of the Ninety Eight Ecosystem Fund is a significant step towards fostering innovation and growth in the Web3 and blockchain sector, particularly in Asia. By offering financial and strategic support, access to advanced blockchain infrastructure, and a versatile native token, this initiative opens doors for budding entrepreneurs to realize their dreams. The involvement of the Arche Fund further solidifies its potential for success.
FAQs
How can startups apply for funding from the Ninety Eight Ecosystem Fund?
The application process for funding from the Ninety Eight Ecosystem Fund is typically outlined on their official website or announced through their communication channels. Interested startups should keep an eye on their updates and follow the specified guidelines for submitting proposals.
What is the significance of the C98 token in the Ninety Eight Ecosystem Fund?
The C98 token serves a dual purpose within the fund. It acts as a wallet token, allowing users to store, send, receive, and manage crypto assets. Additionally, it provides access to decentralized applications on various blockchains, making it a versatile tool for blockchain enthusiasts and users. It can also act as a store of value, similar to other cryptocurrencies like Bitcoin and Ethereum.
