Ninety Eight Launches $25M Ecosystem Fund to Boost Web3 Startups in Asia

Ninety Eight, formerly known as Coin98 Finance, has unveiled its new $25 million Ecosystem Fund. Announced on November 7, 2023, this fund is a strategic initiative to support and accelerate the growth of Web3 startups, particularly in Asia. This initiative marks a key milestone for the company, showcasing its dedication to the evolving Web3 space.

The primary focus of the Ninety Eight Ecosystem Fund is to cater to the unique challenges and needs within the Web3 framework. By offering financial assistance and strategic counsel, Ninety Eight is committed to the comprehensive development of startups. This includes access to its extensive industry network and the expertise of its seasoned professionals, all aimed at driving startup success in a competitive landscape.

At the core of Ninety Eight’s support system is Viction (previously Tomochain), a layer-1 blockchain known for its zero-gas transactions and enhanced security features. This platform is instrumental in aiding startups to expand their reach effectively. Additionally, the utilization of Ninety Eight’s native token, $C98, is encouraged among startups. This token, evolving beyond its initial purpose as a wallet token, now stands as a catalyst for Web3 innovation.

The responsibility of managing the Ecosystem Fund has been entrusted to Arche Fund, a venture arm within the Ninety Eight ecosystem. Arche Fund will not only oversee the fund but will also provide startups with essential tools, resources, and networks, ensuring their growth and success.

Looking forward, Ninety Eight is set to introduce Starship, a launchpad designed to nurture high-quality Web3 startups, providing them with unparalleled investment opportunities. This initiative aligns with Ninety Eight’s philosophy of supporting visionary builders in the Web3 domain.

Thanh Le, the CEO of Ninety Eight, emphasizes the company’s guiding principle of “builders backing builders.” He credits the community for the company’s current stature and reiterates his commitment to contributing to the widespread adoption of Web3 technologies and the future of decentralized internet.

Ninety Eight invites Web3 startups in Asia to apply for funding through the Ecosystem Fund, with submissions accepted via Arche Fund’s application process. The company looks forward to empowering innovative Web3 solutions in the region.

Image source: Shutterstock


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C98 News: Coin98 Ventures Rebrands to Arche Fund for Web3 Focus

Coin98 Ventures, originally established in 2021 as the venture arm of Vietnam-based Coin98 Finance, announced a comprehensive rebranding to Arche Fund on August 31, 2023. The move is intended to refocus the firm’s efforts on supporting emerging ideas and businesses shaping the future of the Web3 ecosystem.

A Multi-Tiered Strategy for Web3 Support

The rebrand comes with a revamped operational framework geared toward enhancing the precision of the firm’s investment model and widening the scope of its strategic backing. Established less than three years ago, Coin98 Ventures already has a notable investment record, including a collaboration with the Solana Foundation and investments in over 30 Web3 companies and protocols since 2021.

According to the firm’s official announcement, the newly rebranded Arche Fund will operate around three foundational pillars:

  1. Arche Ventures: A venture capital division focused on early-stage Web3 projects.
  2. Kompass: A Web3-specific acceleration program aimed at guiding nascent Web3 enterprises throughout their development.
  3. Arche Capital: A dedicated source of funding for groundbreaking ideas in the Web3 space.

The fund vows to offer robust financial backing and essential resources, tailored to meet the specific needs of each project.

From Coin98 Ventures to Arche Fund: A Record of Investment

Before its transformation, Coin98 Ventures had an established track record that included a $5 million investment fund in collaboration with the Solana Foundation. The firm’s portfolio also included Web3 projects such as GuildFi, Magic Eden, and Aura Network.

Unveiling the Vision Behind Arche Fund

Inspired by Greek philosophy, Arche—pronounced /a-ki/—signifies the ‘First Principle.’ The name aims to convey the firm’s intent to become a “trustworthy cornerstone for Web3 Builders,” as outlined in the announcement.

Arche Fund’s mission goes beyond mere capital investment. It aims to provide a holistic range of support services that can be customized based on the needs of individual projects. “Depending upon the specific requirements, stage, and scale of the Web3 project, we at Arche provide consultation to choose the most appropriate pillar,” according to the firm’s statement.

The Future of Arche Fund

Arche Fund has committed to fostering mass adoption of Web3 technologies. The rebranded firm envisions its role as an influential participant in the growing Web3 ecosystem, rather than as a controlling entity. “Instead of control, our approach revolves around uplifting ideas and upholding the core values of each project,” the firm clarified in the announcement.

With this comprehensive rebranding and strategic refocus, Arche Fund aims to solidify its position as a key player in the advancement of the Web3 ecosystem.

Image source: Shutterstock


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