Coin98 Ventures Announces $5M Solana Ecosystem Fund To Support Entrepreneurs and Developers in Southeast Asia
Leading Vietnamese Venture Group Partners with Solana Foundation to Accelerate Web3 and DeFi Innovation in Crypto.
HO CHI MINH CITY, JAN. 26, 2021 — Coin98 Ventures, the investment arm of Coin98 Finance, a blockchain-focused software company in Vietnam, today announced an ecosystem fund of up to $5M (“the fund”) in partnership with the Solana Foundation. The new fund was established to nurture the Solana developer ecosystem in Southeast Asia, with a particular focus on Vietnam. Funding is available effective immediately. The fund will be deployed over the next three years.
Solana is a web-scale, Layer 1 blockchain capable of handling up to 50,000 transactions per second (TPS). In addition to speed, network-wide transaction costs are extremely low, usually, around $0.00001, making it easy to onboard new users and facilitate high-speed exchanges without exorbitant gas fees or additional overhead. Powered by a highly secure, single-shard network, Solana is the only blockchain that inherently scales dapps without the complexity of sharding.
“Over the past year, Solana has cultivated one of the most vibrant crypto communities in Southeast Asia. The level of sophistication and the caliber of projects we’re now seeing is at an all-time high. We are excited to partner directly with the Solana Foundation to support their community and the next generation of developers in Asia” said Thanh Le, founder of Coin98 Finance.
The new fund seeks to back early-stage projects that are building on Solana or using Solana technology in some capacity. Project teams may be distributed but must have a physical presence in Southeast Asia—headquarters, corporate structure, employee, or otherwise—in order to qualify. Projects invited to the Coin98 Solana Ecosystem Fund will receive:
- Funding: up to $100,000
- Technical Support: support from Coin98 Labs and the Solana Foundation
- Marketing and Community Support: promotion through Solana and Coin98 media and crypto communities
- Customized Support: tailor suited to the needs of each project
“After building blockchain products for several years, we fully appreciate the full spectrum of challenges builders in this space encounter. Sometimes hurdles can be solved with extra money, other times they cannot. That’s why we partnered with Coin98 Ventures to build out a robust ecosystem fund that focuses as much on developer and community support as it does identify the next big thing. Our goal is to create the optimal conditions for developers in Southeast Asia to build amazing things on Solana. We are thrilled to officially partner with Coin98 Ventures and make that a reality,” Eric Williams Ph.D., the Solana Foundation.
Southeast Asia is one of the biggest decentralized finance (DeFi) innovation hotspots in the world. Similarly, it is quickly becoming a new center of gravity for developers focused on Web3. The ecosystem fund is particularly interested in supporting founders and projects building new Web3 or DeFi marketplaces, exchanges, dapps, or tooling.
To apply for the fund, visit https://coin98.ventures/solana-ecosystem-fund
About Coin98 Ventures
Coin98 Ventures is the investment arm of Coin98 Finance aims to invest in builders constructing DeFi protocols and applications on Ethereum, Solana, Polkadot, Binance Smart Chain, and other L1s. Atop financing, portfolio projects in the Coin98 ecosystem benefit from various resources, including industry connections and extensive support to build empowering products.
Founded by former Qualcomm, Intel, and Dropbox engineers in late-2017, Solana is a single-chain, Proof-of-Stake protocol whose focus is on delivering scalability without sacrificing decentralization or security. Solana can currently handle 50,000 TPS with single transaction costs as low as $0.00001.
Core to Solana’s scaling solution is a decentralized clock titled Proof-of-History (PoH), built to solve the problem of time in distributed networks where there is not a single, trusted, source of time. By using Verifiable Delay Functions, PoH allows each node to locally generate timestamps with SHA256 computations. This eliminates the need for the broadcasts of timestamps across the network, improving overall network efficiency.