After Axie Infinity, the total capitalization of Coin98 ecosystem has reached the $1 billion mark.
Coin98 Wallet - one of the outstanding products of Coin98 ecosystem. Photo: Trong Dat
On August 25, C98 (token of Coin98) set a new peak of $5.68, raising the total capitalization of Coin98 ecosystem to $1.05 billion, a new milestone for this ambitious blockchain project.
According to Coinmarketcap, Coin 98 is currently in the top 200 crypto projects with the largest total capitalization in the world. The daily trading volume of C98 used to reach $2.3 billion.
Coin98 is a DeFi (decentralized finance) ecosystem with the aim of helping users access DeFi easily. Coin98 has developed products that fully serve the needs of users, from transactions, storage to asset management, lending, savings...
Coin98's products are provided on multi-chain, providing a better DeFi experience. Users do not need to take too many steps or have a deep understanding of blockchain to be able to use the tools.
When it comes to the notable milestones of this startup, in April 2021, Coin98 Labs completed its seed round by raising $1.25 million from investment funds ParaFi Capital, Multicoin Capital, Hashed and Spartan Group. A short time later, Coin98 raised $4 million from Alameda Research.
Compared to the opening price of the private sale round, the price of C98 token has increased by 80 times. This result was achieved after only about one month, when C98 was listed on Binance - the world's largest cryptocurrency exchange.
Members of the development and operating team of Coin98 are all Vietnamese. In just one month, after Axie Infinity, Coin98 has become the second Vietnamese project to reach $1 billion in market capitalization.
Previously, a number of Vietnamese blockchain projects such as Kyber Network, Tomochain, and KardiaChain became global phenomena.
The virtual currency in the Vietnamese blockchain game Axie Infinity - Axie Infinity Shards (AXS) - has hit a new peak of $71, setting a record capitalization of $4.4 billion.
Vietnam's latest initiatives on promoting blockchain and studying cryptocurrency application are expected to spark huge interest in the country's potential cryptocurrency future.