Positive signs for blockchain in Vietnam
Coinbase and Binance pouring capital into Vietnam’s GameFi and DeFi projects is a positive sign for Vietnam's blockchain sector.
Vietnamese blockchain projects have attracted the attention of many international investment funds. After Axie Infinity, projects like Coin98, Ancient8, and Summoner Arena have been funded by major cryptocurrency investment funds such as Binance Labs, Dragonfly, and Coinbase.
This is positive news for Vietnam's blockchain area when many fraudulent GameFi projects appeared at the end of 2021, affecting domestic and international investors’ trust.
On January 5, Binance Labs investment fund announced that it will invest in Coin98. This 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.
Earlier, Coin98 had successful fundraising rounds and was noticed by many investment funds. In early April 2021, Alameda Research of the FTX exchange decided to pour 4 million USD into Coin98 Finance. Binance Labs and Alameda Research are reputable funds in the field of cryptocurrency.
Earlier this year, Vietnam’s Ancient8 - the blockchain project focused on gaming guild - raised 4 million USD from a series of well-known investment funds. This round had 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 number of large investment funds including Pantera Capital, Coinbase Ventures, Onechain Technology participated in this round.
Experts said that Vietnam’s projects have many advantages in raising capital because the country is one of the most dynamic blockchain markets in the world. The success of Axie Infinity, the Vietnamese GameFi project that is known globally, has lured the attention of funds and organizations around the world.
After Axie Infinity, a series of GameFi projects developed by Vietnamese teams have been launched. Among them, there are several projects with signs of fraud, affecting the faith of domestic investors in locally-developed GameFi.
These pioneering projects will be a 'trigger' for the blockchain wave in the country.
At present, cryptocurrency investment activities are not recognized and protected by Vietnamese law so cryptocurrencies always carry many financial risks.
Poriverse – Vietnam’s metaverse game startup - has announced the establishment of a strategic partnership with Polygon Studios, a branch of Polygon (MATIC), one of the world's leading Blockchain platforms.
Among Blockchain games, Axie Infinity is still the most searched NFT project for in the past month, with 3.86 million searches, according to Design Bundles report.