By Bitazza Team
As Decentralized Finance (DeFi) rapidly improves and attracts significant liquidity into various platforms, users are typically required to manage their funds across multiple wallets, leading to bad user experiences and unnecessary expenses. Coin98 solves this pain point by creating the Coin98 Wallet with interoperability across multiple blockchains in the industry such as Ethereum, Solana, Binance Smart Chain (BSC), just to name a few. Coin98’s goal is to provide access, knowledge, and insights to the community for untapped demand and refining in-demand utilities in the DeFi space. Today, Coin98 has three distinct pillars in its ecosystem: investments, technology, and media.
Figure 1. Coin98 Partnership
Coin98 was founded in Vietnam in October 2017 by Lê Thanh, who graduated from the University of Sciences with a Bachelor of Engineering in Embedded Systems. He started Coin98 as an educational YouTube channel, allowing people to learn more about blockchain and cryptocurrency. Since then, the platform has grown beyond Vietnam to a global audience as @coin98analytics on Twitter, known as the platform’s largest crypto account. As a result, Lê Thanh found immense potential in the blockchain industry and decided to incorporate Coin98 as a company in 2018. By the end of May 2021, Coin98 successfully raised US$11.25 million through a strategic funding round with massive backers including Alameda Research, ParaFi Capital, Hashed, and many more.
Currently, Coin98’s native token C98 is trading at $2.94, returning over 300% since its initial listing in July at $0.98. C98’s current trajectory is only focused on ecosystem growth. This is intended by Lê Thanh to build towards the long-term goal of the company; which is mass adoption rather than the little benefits, namely, transaction cost C98 holders will get if the project did not reach mass adoption.
Figure 2. Coin98 Ventures
Coin98 Ventures provides an edge to small project builders by giving them the chance to build in a safe and supportive environment. Currently, the venture mainly focuses on growing and innovating in DeFi platforms utilizing Coin98’s main strength of multi-chain technology support. As the CEO of Coin98, Lê Thanh felt that Southeast Asia has enormous opportunities for growth compared to other developed regions. With that in mind, Coin98 Venture launched a US$5 million ecosystem fund with Solana on January 26, 2021. Moreover, on February 13, Coin98 joined in a US$1.0 million seed round for FMX, Asia’s focused derivative trading platform, continuing to specifically support an Asian blockchain in line with the CEO’s vision.
Figure 3. Coin98 Labs
Coin98 Labs’ purpose is to assemble developers to build and innovate DeFi products leveraging multi-chain technology with the goal of mass adoption in mind. Speed is also one of Coin98 Labs’ strengths giving them a chance to find market gaps to build solutions while integrating current DeFi solutions in their own way. One of the projects that first launched in early 2020 was the Coin98 wallet. This directly improves the friction in the current DeFi system since the wallet is able to manage funds over 25 chains, giving users a one-stop wallet exposure for nearly every chain in the industry. A number of projects launched include Coin98 Exchange, Space Gate, and Saros Finance. Coin98 Exchange is a decentralized exchange (DEX) and cross-chain liquidity aggregation protocol that provides liquidity to the ecosystem from multiple chains. Space Gate is a protocol that facilitates seamless cross-chain value transfers. Saros Finance is a hotly anticipated Automated Market Making (AMM) protocol built on Solana that is expected to help improve liquidity within the Coin98 ecosystem as the project moves from being an aggregator of AMMs to becoming an AMM itself.
Figure 4. Coin98 Network
Coin98 Network empowers the ecosystem by leveraging two components: media and connections. Coin98 has had its social media presence since 2017 and continues to grow exponentially with its analytics, insights, and blockchain knowledge content. Currently, Coin98 has over 200,000 followers on Twitter by aggregating followers on all of Coin98’s Twitter accounts. Coin98 Network, aside from its media presence, is also developing connections with strategic partners contributing to the ecosystem, especially community developers who build on the Coin98 ecosystem.
Taking a broader look at Coin98, the company has made massive leaps from when Lê Thanh first started in 2017. Nonetheless, the company surely has space for future growth with a well-funded ecosystem via Coin98 Ventures, an innovative suite of DeFi products via Coin98 Labs, and strong media coverage and industry connections via Coin98 Network. However, Lê Thanh’s vision has not stopped here since he’s also looking for future integration with Lê Thanh and gaming into the ecosystem. Coin98’s ability to innovate relentlessly, coupled with the team’s foresight and direction means the company’s future looks bright.
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