Research Portfolio

Coin98 Research

Bao Minh

— 3 min read
Coin98 Research

Introduction

Coin98 is a cross-chain liquidity protocol with a full suite of products including Coin98 Wallet, Coin98 Exchange and Coin98 Bridge.

Overview

Today we are thrilled to announce our investments into the Coin98 Ecosystem strategic funding round. The project is previously invested in by Alameda Research, Kyber Network, Multicoin Capital, Hashed Fund and the Spartan Group. We are proud to be featured alongside Binance Labs, NGC Ventures, Kyros Ventures and other leading the Strategic Round of Coin98. 

Coin98 Finance focuses on building a comprehensive ecosystem of DeFi protocols and applications across multiple blockchains. The startup is developing Coin98 Wallet, Coin98 Exchange, and other fascinating DeFi products.

Coin98 allows multi-chain activities and performs itself as the most outstanding and convenient protocol – which DeFi users do not necessarily have to have in-depth blockchain knowledge to join. New user conversion rate is detrimental to the Cryptocurrency industry and Blockchain Technology in general, thus, the establishment of Coin98 is the pioneer flag in bridging the gap between traditional finance and blockchain-based space.

Solutions

Coin98 Ecosystem comprehensively provides the followings:

Cross-chain DeFi functionalities

Coin98 is a DeFi solution that allows users to engage in cross-chain activities that the decentralized finance sector has to offer. Essentially, the project wishes to fulfill the untapped demand for DeFi solutions in the industry.

Bridging TradFi and DeFi

The project believes that there is a lot of demand for certain DeFi solutions on blockchains that do not have anything like those specific protocols. In other words, it wishes to become a gateway, bridging TradFi users to DeFi services on multiple protocols. Let’s take Ethereum as an example.

The Ethereum network is very rich with DeFi protocols, but it is also facing a growing number of users who are turning away from Ethereum due to its scalability issues and extremely high fees. They are not quitting the blockchain, of course, but they are turning to more scalable solutions. Not to mention users engaging with chains that do not support smart contracts, or do not have a developed DeFi sector. All of these users could benefit from Coin98’s solutions.

Offering a suite of products

The project has created a suite of products that it uses to achieve its goals. These include a wallet called Coin98 Wallet, an exchange platform called Coin98 Exchange, and a cross-chain bridge which it named Space Gate.

First multi-chain compatible wallet

It is worth noting that the project’s wallet is quite unique, being the first multi-chain compatible wallet engine, meaning that users can interact with a variety of different wallets on different blockchains, all at the same time. This can be quite beneficial, as all they need is a single passphrase, without overly-complex switching requirements.

Team, investors and advisors

Team members

Coin98 has 100% Vietnamese team members. Most of them have had years of experience in developing crypto products. Coin98 cofounders include: 

  • Le Thanh: He became involved with cryptocurrency early in the formation of Coin98 Community – which has relentlessly evolved into Coin98 nowadays. Besides working at Coin98, he is also an advisor for crypto projects inside and outside Vietnam.
  • Nguyen The Vinh: He is Technical Co-founder and is accountable for Coin98 product development.

Investors

Coin98 Labs has completed raising 1.25 million USD in the seed funding round, with the list of investors are the following:

  • Hashed: Hashed is a global, early-stage venture fund focused on backing founders who are pioneering the future of blockchain and cryptocurrency.  The team includes talents coming from Seoul and Silicon Valley.
  • ParaFi Capital: ParaFi Capital is an alternative investment firm focused on blockchain and decentralized finance markets.
  • Spartan Group: Spartan Group is an Asia-leading blockchain advisory and asset management firm founded by former Goldman Sachs alumni. Spartan Capital offers advisory services for leading blockchain projects such as Dapper, Blockfolio, Solana,...
  • Multicoin Capital: Multicoin Capital is an investment firm that invests in cryptocurrencies, tokens, and blockchain companies, manages several billion assets across hedge funds and venture funds. It has been supported by Binance too.

Synergies with our Portfolio

Our portfolio comprises of multiple layer 3 dapps, with games, music and NFTs, which are all looking forward to convert more new users outside of blockchain space. However, the difficulties of engaging and utilizing different separated tools in the space become the burden for new traffic, not to mention the complexity of each to master. 

Hence, the integration of Coin98 and dapps are promising to leverage both parties and the investors of these projects’ traffic, transaction volume, profit and so on. 

Disclosure

K300 Ventures has instituted, upheld, and rigorously executed comprehensive internal protocols and methodologies crafted to detect and proficiently oversee conflicts of interest pertaining to its investment undertakings. The contents herewith are furnished solely for the purpose of conveying information and must not be regarded as a substitute for legal, commercial, investment, or taxation counsel. Additionally, any allusions to securities or digital assets are purely elucidative in nature and do not qualify as an endorsement for investment or a proposition to furnish investment advisory amenities. 

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