One more Vietnamese cryptocurrency hits $600 mln market cap

By Dat Nguyen August 23, 2021 | 09:17 pm PT

An artist's impression of cryptocurrency. Photo by Pixabay

Coin98 has become the second Vietnamese cryptocurrency to achieve a market cap of over $600 million.

In just over a month after listing it reached $3.47 on Monday, giving it a market cap of $613 million.

Its price has quadrupled since Jul. 23 when it was listed on the world’s biggest cryptocurrency exchange, Binance.

Coin98's market cap. Photo courtesy of CoinMarketCap.

Its market cap has dropped to $580 million Tuesday.

The company behind the cryptocurrency, Coin98 Finance, was founded by Le Thanh and Nguyen The Vinh.

This year, it has raised at least $5.25 million from U.S. investor Alameda Research and others.

The first Vietnamese cryptocurrency to exceed $600 million in market cap was AXS by blockchain-based game developer Axie Infinity. It is now worth $2.5 billion.

Other cryptocurrencies developed by Vietnamese include KNC with a market cap of $367 million, TOMO ($293 million) and KAI ($155 million).

Vietnam leads globally in cryptocurrency adoption with 41 percent of respondents claiming to have bought Bitcoin and the like, according to a recent survey by U.S. based financial consultancy Finder.