Coin98 series: Part 1

Market Context

Blockchain in layman terms is a new way to store data. These data are combined into blocks that are managed in a distributed database through peer-to-peer (P2P) networking. This technology has reached a milestone where every industry is looking to benefit from its decentralized and transparent nature.

With blockchain being implemented across almost every sector, demand for blockchain protocols is at its peak.

Understanding the rapid growth of blockchain platforms, many blockchain development companies have started R & D on emerging blockchain protocols to build a better blockchain ecosystem.

Some of the most prominent and rapidly expanding ecosystems are Ethereum, Solana, Polkadot, Near, Cosmos...etc

Global Startup Ecosystem Report 2021 published that blockchain-based businesses account for 10% of startups worldwide. The figure is part of a more significant trend that has seen emerging technology become a fast-growing sub-sector in terms of early-stage funding.

According to VNExpress, Vietnam leads globally in cryptocurrency adoption with 41% of respondents claiming to have bought Bitcoin and cryptocurrencies based on a recent survey.

Twenty percent of Vietnamese said they had purchased Bitcoin according to the survey by U.S. based financial consultancy Finderthe, the highest among 27 countries polled with 42,000 respondents.

The percentage of respondents (Source:
The percentage of respondents (Source: VietnamExpress)

Despite being the 53rd largest economy based on gross domestic product, Vietnam placed 13th in realized Bitcoin gains in 2020.

Data from statista in February showed Vietnam had the second highest rate in terms of cryptocurrency use among 74 surveyed economies, driven by remittance payments.

Even though not being approved by the government and protected by law, a few startups in Vietnam have been successful, such as Axie Infinity whose head office is located in HoChiMinh City.

Another highlight of the Vietnamese startup in crypto is Coin98, a DeFi ecosystem. Coin98 develops products to serve all user's demand such as transaction, storage asset, manage asset, lending, saving...

Introduction

Coin98 was born at the end of 2017. At first, the main role of the Coin98 community is to bring information, insights and crypto knowledge to the community. However, a few years ago, Coin98 changed their plan and focused more on DeFi..

The first product is Coin98 Wallet, a multi-chain wallet for users to easily store and transfer assets. The next products that Coin98 is launching are Coin98 Exchange, Luna Network.....

Coin98 has been selected to be the 20th IEO on Binance Launchpad. It has been a huge success. According to some surveys, more than 73,000 users participated in the IEO with 5.4M BNB (equivalent $1.7M at that time).

Coin98 set a record to become the project with the highest amount of committed money ever.

The person who contributed the most to the success of Coin98 is none other than the CEO, Mr. Le Thanh. He is a talented person, and he is really passionate about crypto.

Another key person of Coin98 is Mr. Nguyen The Vinh, CTO and cofounder. (Coin98 was renamed to Coin98 Finance during this time.)

Mr Nguyen The Vinh is an engineer who worked at FPT Software and VIC Group. Mr Vinh joined Coin98 to support the development of software products.

After more than 4 years in operation, Coin98 has become not only a community group but also a builder with the mission to contribute the most value and crypto knowledge to those interested in investing in crypto domestically and internationally.

Coin98's aim is to become a powerhouse in blockchain technology. They not only want to be successful in Vietnamese territory but other markets as well.