Solana Foundation, a firm that supports the development of the Solana blockchain, partners together with Coin98 Ventures to reward grants to DeFi startups in Southeast Asia.
Coin98 Ventures, a blockchain investment firm in Vietnam, has set up a $5 million fund to support development on the Solana blockchain in Southeast Asia.
In the next three years, the Coin98 Solana Ecosystem Fund will provide approximately $100,000 in funding to early-stage startups with a mark in Southeast Asia. Receivers will also get technical and marketing support from Coin98 Finance Labs and the Solana Foundation.
From its starting point, the fund is interested in all things DeFi, from markets and exchanges to dApps and tools, for instance.
“Over the past year, Solana has cultivated one of the most vibrant crypto communities in Southeast Asia,” stated Coin98 Finance founder Thanh Le in a press release. “The level of sophistication and the caliber of projects we’re now seeing is at an all-time high.”
Solana is a blockchain that is claiming to have solved the scalability issues that are bugging Ethereum. It is proud of its fast, low-cost transactions. Meanwhile, Ethereum is a victim of its success. The blockchain, known as decentralized finance (DeFi) applications, has seen transaction fees momentarily spike into double digits in the past weeks.
Ethereum, however, is still the market leader, and Solana is the challenger. Its focus on Asia’s developing economies, wherein blockchain development is less established than the US or China, can help it build up a permanent user base.
“Our goal is to create the optimal conditions for developers in Southeast Asia to build amazing things on Solana,”
Solana Foundation Executive Director Eric Williams
Foundation grants are not new. The Ethereum Foundation hands out millions in grants every year, and foundations attached to fledgling crypto projects like the Stacks Foundation and Celo Foundation have also used them to kickstart developer and user communities. The Solana grants, however, stand out due to their geographical focus. A joint press release calls the region “one of the most prominent decentralized finance (DeFi) innovation hotspots globally.
It is also a region where money with mentorship can hypothetically go far. The combination is critical.
“Sometimes hurdles can be solved with extra money, other times they cannot,” said Williams. “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.”
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