Coinbase, Binance pouring capital into domestic GameFi and DeFi projects is a positive sign for Vietnam’s blockchain sector.
Recently, Vietnamese blockchain projects have received the attention of many international investment funds. After Axie Infinity, projects like Coin98, Ancient8, and Summoner Arena were funded by major cryptocurrency investment funds such as Binance Labs, Dragonfly, and Coinbase.
This is positive news for Vietnam’s blockchain sector when many fraudulent GameFi projects continuously appear at the end of 2021, causing a loss of confidence in domestic and international investors.
On January 5, Binance Labs investment fund announced to pour capital into Coin98. It is a decentralized finance (DeFi) platform with products such as Coin98 Wallet non-custodial wallet, Coin98 Exchange decentralized exchange and Space Gate multi-chain trading portal.
In the past, Coin98 has had successful fundraising rounds and been noticed by many investment funds. In early April 2021, the investment fund Alameda Research of the FTX exchange decided to pour 4 million USD into Coin98 Finance. Binance Labs and Alameda Research are both large, reputable funds in the crypto space.
Earlier this year, the blockchain project focused on the Vietnamese gaming guild Ancient8 raised $4 million from a series of well-known investment funds. This funding round of Ancient8 has the participation of large organizations such as Dragonfly Capital, Hashed, Coinbase Ventures, Alameda Research…
Recently, Summoner Arena announced the end of the funding round with the amount of 3 million USD. A series of large investment funds including Pantera Capital, Coinbase Ventures, Onechain Technology participated in this capital contribution.
Talking to Zing, Mr. Pham Huong, founder of GFS Ventures, said that current domestic projects have many advantages when raising capital because Vietnam is one of the most dynamic blockchain markets in the world. “Besides, the appearance of Axie Infinity, the Vietnamese GameFi project that resonated globally, has attracted the attention of funds and organizations around the world,” shared Mr. Huong.
Sharing about the criteria for receiving investment from large funds, a representative of Coin98 said that each organization will have different perspectives and views. But most refer to 3 main factors including vision and mission of the organization; solve problems large enough at the global level; qualified team to carry out the set mission, towards the long term.
“Before the first major institutional exchanges, Coin98 had a product launch for many years with a large user base. I think it is perseverance, long-term vision and achieved results that are the basis for convincing reputable organizations to decide to invest in Coin98,” said Mr. Nguyen The Vinh, co-founder of Coin98.
With a fledgling project, which has just been started since August 2021, Ancient8’s fundraising process is more difficult. “There were some obstacles in the initial process, but with the support and strategic advice of angel investors, partner funds, the Ancient8 team also completed the seed round,” said Jenny Nguyen, co-founder. Ancient8 founder said.
However, project representatives said that calling for investment and receiving a lot of capital from funds is not always a good thing. “The founder and the development team need to determine what they need, how much they need and from whom it is reasonable to raise capital to come up with an appropriate approach and persuasion strategy,” said Mr. The Vinh.
After Axie Infinity, a series of GameFi projects from a Vietnamese team, “following” the trend sprouted like mushrooms after the rain. Among them, there are many projects with signs of fraud such as Zuki Moba, Crypto Bike, etc. causing participants to lose money and lose money. Since then, domestic investors have been wary of domestic GameFi, losing faith in “Vietnamese developers”.
Pham Huong said that the fact that Coin98, Ancient8 or Summoner Arena received investment from Binance, Coinbase is a positive sign for Vietnamese blockchain, helping to rebuild confidence for domestic and foreign investors in the startup project. Vietnam. According to Mr. Huong, through these events, Vietnamese blockchain will receive a more favorable view, helping the market develop sustainably.
“When big funds are interested, supporting investment proves the quality of Vietnamese blockchain startups that have matured. These pioneering projects will be the ‘trigger’ for the blockchain wave in Vietnam. This is the basis for many individuals and state agencies to access, research and accelerate digital transformation”, shared Mr. Pham Huong.
@ Zing News
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Source: Vietnam Insider