Ninety Eight & the Journey to Supercharging Southeast Asia's Crypto Startup Ecosystems

This article will take you into the story of Thanh Le, Founder of Ninety Eight, a leading crypto platform in Southeast Asia. Through an in-depth interview with Vorawan Wangpanitkul, Partner of venture capital at SCB 10X, at REDeFiNE TOMORROW 2024, Le reveals his journey from engineer to entrepreneur and his entry into the world of crypto.

From Engineer to Entrepreneur, Thanh Le’s Turning Point to Crypto

• Le started his career in embedded systems engineering, working with chip and CPU design while in university. In addition to his technical expertise, he had a passion for entrepreneurship. He founded a software development company, taking on projects from Silicon Valley and around the world. These experiences equipped him with technical skills, global perspectives and an understanding of the business world.
  
  
• After several years, Le felt the urge to try something new. He ventured into e-commerce, gaining further insights into business mechanisms and developing his management skills.
  
  
• In 2017-2018, Le became interested in crypto. He spent eight months studying and investing in it. A turning point came when he realized the immense potential of Web3, leading him to fully commit to the crypto industry and found "Ninety Eight."

Building the Ninety Eight Empire

• Under Le's leadership, Ninety Eight aimed to create a crypto ecosystem for retail investors in Southeast Asia.
  
  
• Initially, Ninety Eight focused on research, community building and investment to learn about the industry. Their dedication resulted in Ninety Eight becoming Vietnam's top crypto company by 2019.
  
  
• In 2020, Ninety Eight evolved into a holding company and launched their first product, "Coin98 Wallet," which quickly gained success, attracting over 200,000 users within the first three months and currently boasting over 9 million users.
  
  
• Ninety Eight strives to offer increasingly personalized services for users, continuously improving their systems, features, and user experience. Currently, about 25-30% of Coin98 Wallet users are from Vietnam, with another 50% from other Asian countries, and the rest from Turkey, Latin America, South Africa, Europe, and the United States.

Future Investment Plans

• Ninety Eight doesn't stop at developing its own platform. They also have an investment arm focused on investing in promising crypto startups.
  
  
• Ninety Eight launched "Kompass accelerator," a program supporting young entrepreneurs in Asia by providing guidance on token design, fundraising, company structure and risk management. They also launched a $25 million ecosystem fund to invest in these entrepreneurs.
  
  
• Ninety Eight is committed to making crypto accessible and easy to use for everyone.
  
  
• Ninety Eight welcomes those who share their vision and values to join them in shaping the future of crypto.

Lessons from Thanh Le's Experience

• Thanh Le is dedicated to continuous learning and skill development, advocating for lifelong learning.
  
  
• Ninety Eight achieved success through smart strategies, efficient use of resources and building their business on limited resources.
  
  
• Despite facing setbacks, which are a normal part of the journey, Le emphasizes the importance of making informed decisions based on available information.

Watch this on Youtube: https://youtu.be/mBduYjn_lBI?si=-nO-CMyaJb596PLr