Solana Foundation, the Switzerland-based organization that manages the Solana Blockchain platform, has launched a $5 million ecosystem fund in partnership with Coin98 Ventures, the investment arm of Vietnam-based blockchain-focused software company Coin98 Finance, to support the Solana developer ecosystem in Southeast Asia.
According to a press release by Coin98 Ventures on Tuesday, January 26, this Coin98 Solana Ecosystem Fund million fund is established to nurture the Solana developer ecosystem in Southeast Asia, with a particular focus on Vietnam.
The fund aims to support early-stage projects that are building on Solana or using Solana technology in some capacity. The fund will be deployed over the next three years to accelerate Web3 and DeFi innovation in South Asia.
To be eligible for the fund, projects must have a physical presence in Southeast Asia. Selected projects will receive a grant of up to $100K along with technical support from Coin98 Finance Labs and the Solana Foundation. Their teams will also receive customized support that suited to the needs of each project and Marketing and Community Support through Solana and Coin98 media and crypto communities.
According to the announcement, the Coin98 Solana Ecosystem Fund is “particularly interested in supporting founders and projects building new Web3 or DeFi marketplaces, exchanges, DApps or tooling.”
According to Coin98 Ventures, Southeast Asia is emerging as one of the biggest decentralized finance (DeFi) innovation hotspots in the world. That’s why the company aims to invest in projects building DeFi protocols and applications on Ethereum, Solana, Polkadot, Binance Smart Chain, and other L1s.
Thanh Le, the founder of Coin98 Finance, commented:
“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.”
Solana is the first web-scale layer 1 Proof-of-Stake blockchain protocol that claims to be capable of handling up to 50,000 transactions per second (TPS) and transaction fees as low as $0.00001.
Eric Williams from Solana Foundation, about the launch of the fund, commented:
“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 identifying 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.”
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