Ninety Eight, a dynamic ecosystem of Web3 innovators, has unveiled its latest venture, a $25 million ecosystem fund.
The company is headquartered in Ho Chi Minh City, Vietnam, with the objective of founding and funding blockchain companies that make Web3 accessible to everyone. The firm was founded by Le Thanh, alongside co-founder and CEO Nguyen Vinh.
Focus on Asia
The project’s primary objective is to nurture the growth and advancement of Web3 startups within a crypto and blockchain sector in Asia that continues to progress and evolve. Ninety Eight takes an approach that encompasses both financial backing and strategic guidance for handpicked startups, with a dedicated team working in tandem to provide insights and facilitate access to its extensive network of industry collaborators.
Leveraging ecosystem infrastructure
Ninety Eight maintains that entrepreneurs can harness its infrastructure and draw upon the depth of its ecosystem. One of the key components of that ecosystem is Viction, formerly known as Tomochain.
Viction is a layer-1 blockchain boasting zero-gas transactions and cutting-edge security features. The project claims that Viction creates the ideal conditions for projects to broaden their horizons and enhance their prospects of success.
C98 token
A defining feature of the ecosystem fund is its emphasis on promoting the utility of its native token, C98. Originally conceived as a wallet token, C98 has since transformed into an instrument for propelling Web3 innovation. With its versatile applications, Ninety Eight claims C98 holds the potential to revolutionize the way Web3 applications are conceived, deployed and utilized. Through the ecosystem fund, the company mission is to bolster startups capable of harnessing C98 to craft inventive and impactful solutions.
Ninety Eight has incorporated Arche Fund within its offering, with it assuming the role of fund custodian. It also plays a part in overseeing the fund and closely collaborating with selected startups to unlock their full potential. Arche Fund offers value-added programs while equipping partnering businesses with essential tools, resources and invaluable networks.
By propelling their pioneering vision, we empower our partners to transform their aspirations into reality. CEO Thanh Le articulated the firm’s mission, stating:
“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.”
The firm previously launched its Vietnam Future Fund earlier this year, with a view towards concentrating on propelling Vietnamese Web3 startups forward.