Binance Labs backs Vietnamese DeFi platform Coin98

Binance Labs, the venture capital and incubator arm of crypto trading major Binance, has poured an undisclosed amount of strategic investment into Vietnamese decentralized finance (DeFi) platform Coin98.

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Coin98 allows users to swap, borrow, lend, invest, and earn crypto with ease, boasting over 700,000 users in more than 150 countries. The company was founded by Thanh Le in 2017 and currently operates a suite of products, including a crypto wallet and exchange, though it’s eying to launch more features soon.

In addition to its investment, Binance Labs said it will give Coin98’s team the technologies, consultation, and incubation it needs to help it expand. Through the deal, Coin98 will also contribute to the DeFi infrastructure on the Binance Smart Chain (BSC), a platform that enables developers to build decentralized applications.

“There are many features that we are looking forward to seeing that Coin98 is coming up with, and we think that the users of the BSC ecosystem will be excited about these too,” said Binance Labs head Bill Chin.

Binance Labs invests and supports viable blockchain entrepreneurs, startups, and communities, providing financing to industry projects that help grow the larger blockchain ecosystem. It recently participated in the US$110 million series C funding round of blockchain service provider Figment and led the US$1.5 million seed round of gaming community Cosmic Guild.