Vietnam has more than 16.6 million people who own cryptocurrency, ranking second in ASEAN after Thailand.

Vietnam is the world’s leading country in cryptocurrency adoption for 2021 and 2022. Vietnam is also the country with the second largest percentage of cryptocurrency holders in ASEAN after Thailand and is one of the top five countries in blockchain.

According to the Vietnam Crypto Market Report 2022, Vietnam has more than 200 active blockchain projects, spanning many fields and developing mainly in GameFi, DeFi and NFT, web3, infrastructure, and wallets.

According to Data.ai, on average, every day, Vietnamese people spend 3.9 hours playing games, 10 per cent higher than Americans. Vietnam also has five names in the list of the top 10 largest game publishing companies in Southeast Asia, Australia, and New Zealand (ANZSEA), including Amanotes, OneSoft, GameJam, VNG, and Arrasol. The number of blockchain game projects accounts for the majority, about 28.8 per cent, of the Vietnamese Crypto market.

The recently released Vietnam Crypto Market Report 2022 by Coin98 Insights shows that, in the Vietnamese market, DeFi projects are still in the early stages of development, not focusing much on finding revenue and profits.

However, this is also a segment with attractive revenue, accounting for 38 per cent of the total market revenue in the first 8 months of 2022. The DeFi segment accounts for 26 per cent of the Vietnamese crypto market with prominent DeFi projects.

Bright spots about Vietnam’s blockchain

It is not difficult to cite Vietnam’s bright spots on the world blockchain map. Among them, a special mention is the game Axie Infinity developed by Sky Mavis — a game studio headquartered in Ho Chi Minh City, co-founded by CEO Nguyen Thanh Trung (born in 1992) and four other people.

Also Read: The Vietnamese market and Apple Pay: Excellent support or just unmet expectations?

Axie Infinity has become a global technology phenomenon by attracting hundreds of thousands of gamers from all over the world. As of the afternoon of March 29, Axie Infinity had a capitalization value of AXS coin of about US$4 billion (according to Coinmarketcap.com), but before that, there was a time when the capitalisation of AXS coin also jumped to over US$10 billion — and became the most expensive blockchain game of all time.

Representatives of Axie Infinity also attended Binance Blockchain Week. Not only this very famous game but a series of other startup projects in blockchain technology, such as Thetan Arena, Coin98, and Elemon, also made a strong impression. 

Coin98 Finance, a decentralised finance (Defi) ecosystem, is not only famous in Vietnam but also in the world, participating as one of the core contributors. Thereby, representatives of this ecosystem want to convey the right messages and a realistic view of how the blockchain market, in general and the decentralised finance sector, in particular, are developing.

As one of Vietnam’s successful projects, contributing a lot to the world blockchain, a Coin98 Finance representative shared that blockchain, Crypto, or DeFi are all in the completion stage to serve the mass market.

Each individual and organisation participating in the market, in addition to finding profitable investments, also has the responsibility to contribute to the development of the entire industry. Coin98 is proud to be one of the Vietnamese projects contributing to Binance Blockchain Week 2022.

Evaluating blockchain development in Vietnam, Lynn Hoang, a representative of Binance Southeast Asia, said that Vietnam ranks in Binance’s top 10 markets across many product lines. In 2021, the Vietnamese blockchain community has reaped many sweet fruits.

Among them, many projects built by Vietnamese people have become global symbols in several fields. According to Hoang, in the past, due to many objective and subjective reasons, Vietnam was often behind the world in technology. But now, blockchain technology is making Vietnam a leading country in a new field.

Blockchain has gradually become a pillar of technology in Vietnam

A representative of the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) also mentioned some challenges in applying blockchain for banks. Accordingly, there must be barriers to investment in technology infrastructure and integration.

Also Read: The wave of layoffs in 2023 and the Vietnamese market

High research and infrastructure investment costs, along with the need to integrate and synchronously convert with other systems and infrastructure, require time to edit the system and optimise costs to ensure business performance and information security and safety.

Blockchain platforms require banks and bank customers to pay service fees, making expanding the customer portfolio and service efficiency on the blockchain platform challenging.

Besides, the ability to expand networks and connect multilaterally is a need of many banks. Only when the blockchain network is truly large enough to connect subjects, including subjects in countries worldwide, can transactions proceed smoothly and completely.

A representative of the Blockchain Association said that in some forums, the lack of legal basis had been raised as a main obstacle to applying blockchain technology. However, there are very few opinions that specifically state what the legal obstacles to the application of blockchain technology are and how to amend them to facilitate the application of blockchain technology.

Most ideas for applying blockchain technology focus on digital assets, digital currency, and capital mobilisation. These are very high-risk areas, so it is necessary to build a Sandbox mechanism for testing. To protect this aspect, the Government has assigned the Ministry of Finance, the Ministry of Justice, and the State Bank to coordinate research, proposals, and implementation.

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In recent years, we’ve witnessed a remarkable trend among successful entrepreneurs — many of them are choosing to become philanthropists, directing their resources and influence toward education. This shift signifies a profound evolution in the entrepreneurial mindset, one that recognises the transformative power of education in shaping lives and societies.

The changing face of philanthropy

Entrepreneurs have traditionally been known for their pursuit of profit and innovation, and while these goals remain central to their endeavours, many are now driven by a profound sense of social responsibility.

This transformation is partly due to a growing understanding of the critical role education plays in addressing societal challenges and fostering economic growth. Entrepreneurs recognise that the impact of their ventures extends far beyond profit margins; it extends to communities, individuals, and the world at large.

One such entrepreneur-turned-philanthropist is the legendary NBA superstar Shaquille O’Neal. In a recent TechCrunch article, he discussed his investment in the edutech sector, underlining his commitment to investing in things that will “change people’s lives”.

Also Read: Beyond the classroom: How education companies are rewriting the rules with relationships

O’Neal’s transition from the basketball court to the boardroom and philanthropy underscores the broader shift occurring among entrepreneurs who are increasingly drawn to education as a means of driving meaningful change.

A legacy of learning

Few figures epitomise this transition better than Bill and Melinda Gates. The Gates Foundation’s extensive work in education spans from improving K-12 education in the United States to addressing global challenges like literacy and access to quality education. Their commitment to education reform has not only shaped educational policies but has also fostered innovation in teaching and learning.

Similarly, Mark Zuckerberg and Priscilla Chan, through the Chan Zuckerberg Initiative (CZI), have made education a cornerstone of their philanthropic efforts. CZI is dedicated to advancing human potential and promoting equal opportunity, with a significant focus on personalised learning, supporting educators, and addressing systemic barriers to quality education.

Our latest initiative, Open Campus, has recently unveiled a US$10 million investment initiative aimed at providing crucial support to the next generation of 100 education-focused startups. These startups are committed to addressing pressing challenges in emerging markets, where access to high-quality learning experiences is often limited.

By combining resources and expertise, Open Campus seeks to bridge gaps in digital skills, offer cutting-edge upskilling programs in areas like AI and Web3, and create new career opportunities for learners looking to thrive in today’s ever-evolving world.

Forging strategic alliances

Education entrepreneurs possess a unique opportunity to harness philanthropy as a catalyst for the growth of their ventures. By aligning their educational goals with the values and interests of philanthropic investors, partners, and even consumers, you can unlock new avenues of support and collaboration.

One way to start is by seeking out like-minded investors who are passionate about the educational cause you’re championing. Share your vision and mission with them, demonstrating how their contributions can make a meaningful impact on the future of education.

Also Read: How the metaverse opens new opportunities for education

Collaborative partnerships can also be instrumental in advancing educational endeavours. Look for organisations or businesses that share your passion for education and explore mutually beneficial projects or initiatives. These partnerships can not only infuse resources but also bring fresh perspectives and expertise to the table, enriching the educational experiences you offer.

Additionally, consider engaging consumers as active participants in your philanthropic efforts. For instance, you could implement a “buy one, give one” model, where for every product or service purchased, a portion goes towards providing educational resources to underserved communities. This not only resonates with socially conscious consumers but also amplifies your impact while fostering a loyal customer base.

Looking forward

The transformation of entrepreneurs into philanthropists, particularly in the realm of education, reflects a profound shift in the values and priorities of business leaders. As exemplified by individuals like Shaquille O’Neal, Mark Zuckerberg, Bill and Melinda Gates, the commitment to reinvesting in education is driven by a shared belief in the power of learning to shape the future.

Remember that philanthropy isn’t solely about financial donations; it’s also about building a community of supporters who share your educational vision. By nurturing these connections and embracing collaborative philanthropy, education entrepreneurs can fuel the growth of their businesses while making a lasting impact on the world of learning.

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When COVID-19 broke out and lockdown came into effect, Meredith DePaolo, her husband Hamel Shah, and their two daughters were confined to the four walls of their home in Kuala Lumpur.

The couple noticed considerable behavioural changes in their kids as they spent their whole day on screens for education, socialisation, and recreation. The Shahs tried Apple Screen Time and some other parental controls on the devices, but these features didn’t consider how the device use affected kids’ behaviour.

“We wanted something better,” DePaolo tells e27. “Just like a parent would never serve a plate of broccoli alongside a giant slice of cake, you can’t hand a child a device with DuoLingo and TikTok and expect him or her to have the self-discipline to do any learning.”

Also Read: Beyond the classroom: How education companies are rewriting the rules with relationships

This motivated DePaolo and Shah to develop Carrots&Cake, an app focused on improving the quality of kids’ screen time.

Shah, a Cambridge University and INSEAD graduate from Britain, is a serial entrepreneur and founder of 101Candles, Amiri Capital, and Azimuth Global Partners. DePaolo, a Yale University graduate from the US, worked as a screenwriter and producer for two cable startups (subsequently acquired by CBS and NBC Universal). The couple came to Malaysia about 15 years ago for a six-month work stint but fell in love with the country and stayed back.

‘Eat the vegetables before the dessert’

Based out of Kuala Lumpur, Carrots&Cake is a parental control learning app that gets kids to learn first and play later. The app is based on the age-old parenting adage ‘eat your vegetables before your dessert’.

“Most parental control apps are one-sided; parents impose them on kids. Sometimes, those apps spy on kids’ private behaviour or geo-track them, weakening the family dynamic and triggering reactance, which is a rebellious behaviour kids engage in when they feel their autonomy is threatened,” says DePaolo.

“Carrots&Cake, on the other hand, helps parents select learning apps with a high cognitive load – anything they already own or anything in the App Store. When kids turn on their devices, these are the only apps they can access. When learning time finishes, the rest of the apps on the device are unblocked. Kids still get to enjoy free time, so they still maintain their agency,” she says.

According to DePaolo, by balancing the approach to screen time, Carrots&Cake has avoided dopamine-driven feedback loops, introduced delayed gratification, and countered the persuasive design of the apps that keep kids hooked. Kids have fewer screen time tantrums, and parents can hand over devices guilt-free.

“Our approach to the screen time dilemma is grounded in behavioural neuroscience, psychology, and cognitive science,” she reveals. “Our app prioritises learning to make devices more beneficial and less addictive. Parents can pick from any apps available in the App Store, ensuring their kids have a best-in-class educational experience tailored to each child in their family.”

Create daily screen time schedules

Parents choose the learning apps (Carrots) they want their kids to do. This isn’t limited to, say,  math or reading but includes music lessons, meditation, arts and crafts, and exercise apps.

Here, parents can create daily screen time schedules for their kids—for example, Monday for maths and more free time on the weekend. They choose how much learning time and free time kids get and customise screen time schedules around the family’s routine.

Also Read: Post-pandemic education: Why edutech remains a game-changer

The key advantages are that learning time is focused and distraction-free, and through micro-learning, kids compound knowledge with small but consistent daily effort. This develops healthy study habits.

Moreover, Cake time apps remain locked until kids complete their educational apps for that day, and the app can also provide customised app recommendations to supercharge a child’s learning.

Additionally, Carrots&Cake automatically blocks inappropriate content and prevents app stores from unauthorised app downloads.

The app also boasts an AI-powered assistant, Nibbles the Bunny, which enhances kids’ experience and motivates them to learn.

“We help parents find the most appropriate apps for their kids’ interests and inspire kids with intrinsic motivational exercises. This way, we want to foster family connections and cultivate trust through a nurturing environment of parental guidance instead of control,” she shares.

A B2C product, Carrots&Cake plans to launch a freemium version of the app at the start of 2024, and the subscription model will include monthly, quarterly, and annual plans.

DePaolo claims the app has users worldwide, most from the US. “We launched in private beta just a year ago, and the numbers have steadily climbed as we continue to iterate and are in thousands,” she discloses.

Proving naysayers wrong

In the app’s initial development stage, the team faced many roadblocks, and naysayers told them the app could not be built because they thought the tech behind it was too hard. It also faced some technical challenges; developing a smooth-running app with complex features demanded top-tier expertise.

“We overcame these challenges by hiring the right team, including a lead developer who successfully worked on seven parental control apps. His technical skill ensured that Carrots&Cake’s performance was of the highest standard,” she adds.

Also Read: AI Blocks, revolutionising education with easy and effective AI technology learning

Adding scientific elements was also challenging, but the startup collaborated with a team of leading screen time experts, doctors, and educators, DePaolo notes. “Their insight and advice shaped Carrots&Cake’s features, ensuring they were scientifically sound and beneficial for developing brains.”

A bootstrapped company so far, the company plans to go to the market for an angel round of funding soon.

As the company scales, it will introduce new features to improve kids’ transition between online and offline — for example, a feature that reduces the overstimulation kids experience in games by reducing volume and colours as kids approach the end of screen time. This helps to disengage kids gradually and reduces tantrums caused by coming off devices.

The startup is also talking with several schools to introduce pilot programmes to provide better balance on their tech platforms. For instance, with Carrots&Cake, teachers can control kids’ classroom screen time and be confident that kids are focused on the assigned task and not sneaking into games and streaming services. Additionally, it can translate school curriculums into Carrot apps to support kids’ at-home learning.

“Of course, there is no easy, overnight fix for the screen time dilemma, but we are working hard to stay in front of the problem and give parents and families the support they need,” she concludes.

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Image Credit: Carrost&Cake.

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Singapore-based Web3 wallet startup Account Labs has raised US$7.7 million as it is set to launch its consumer-focused UniPass wallet app on Polygon.

The funding came from Amber Group, MixMarvel DAO Ventures, and Qiming Ventures.

The capital will be used to launch the UniPass wallet app and drive the upcoming wave of mass crypto adoption through peer-to-peer stablecoin transfers. The app will initially be launched and tested in the Philippines before expanding to other parts of Southeast Asia, such as Vietnam, Malaysia, and Indonesia.

Also Read: On-chain data and Web3 security: Insights from industry experts

Account Labs was founded in 2023 following the merger of Keystone and UniPass.

As a smart contract wallet, UniPass does away with complex 12-word seed phrases to log in. Wallet owners can use their Google account to set up and log into their wallets, with no Web3 familiarity required. Users can also top up their wallet directly with cards, Apple Pay, or GCash in the Philippines. Users can then send stablecoins directly to other Web3 wallets.

Account abstraction lets developers directly programme functionality into wallets, including smart contracts. This removes many operational layers that inhibit cross-chain transactions and other operational bottlenecks the average consumer doesn’t want to consider. Users don’t have to understand or manage what happens in the background when they execute transactions. Instead, it’s similar to when users Venmo cash to a friend after dinner.

In addition to account abstraction, Account Labs believes stablecoins are another key to unlocking crypto mass adoption. By removing the speculative trading aspect, fiat-backed stablecoins are easier for non-web3-natives to grasp and trust.

Also Read: Xctuality develops virtual experiential platform, accelerating brands into metaverse”

“Due to its ease of use and the eponymous stability of stablecoins, UniPass is addressing the real-life everyday use case of P2P transfers, especially in emerging markets where cross-border remittances are slow and expensive. Expanding financial access and inclusion has been the goal of cryptocurrencies since day one, and account abstraction is critical to achieving that goal,” said Lixin Liu, CEO of Account Labs.

UniPass Wallet also offers low fees. Transaction fees on smart contract wallets are paid in stablecoins rather than each blockchain’s native token, bringing costs down to as low as 1 or 2 US cents per transaction. UniPass will also reimburse three transfers per day per user.

UniPass wallet will launch on Polygon and will be available on Android on launch, with iOS support set to follow soon, as well as future plans to expand to Apple ID and other social media logins.

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Image Credit: Account Labs.

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Startup founders often embark on a journey filled with hurdles and opportunities. Among these challenges, securing funding from venture capital firms stands as a critical milestone. However, while VCs can inject much-needed capital into your business, it’s essential to understand the nuances of the investment terms they propose, especially regarding anti-dilution clauses.

In this article, we’ll explore how these clauses can impact your startup and offer insights into making informed decisions that safeguard your venture’s future.

The anti-dilution dilemma

VCs typically invest in early-stage startups with uncertain valuations. To protect their investments, they often request anti-dilution clauses to be included in the terms of the deal. These clauses can have significant implications for founders, affecting valuation, ownership stakes, and even the overall control of the company.

There are two main types of anti-dilution clauses:

• Full Ratchet
• Weighted Average

Each comes with its own set of advantages and disadvantages.

Full Ratchet: The founder’s nightmare

Full Ratchet is the most favourable option for investors but the harshest for founders. Under this clause, your share price is adjusted to match the lowest price paid by any new investor in any future funding round. For example, if a new investor purchases shares at a lower valuation than yours, your share price and ownership stake are dramatically reduced.

Example: If your startup raises US$10 million at a US$5 million valuation, your share price could plummet from US$1 to US$0.5, effectively halving your ownership to two million shares instead of one million.

Weighted Average: Striking a balance

Weighted average, on the other hand, is a more balanced approach. It adjusts your share price based on the average prices paid by all investors in all rounds, considering the amount of money raised. This method is considered fairer to founders and offers more adaptability.

Example: If the same US$10 million is raised at a US$5 million valuation, your share price may decrease from US$1 to US$0.75, and you would own approximately 1.33 million shares instead of one million.

Also Read: ‘Want VC funding? Your startup needs to be valued at least US$700M in 10 years’: Jeffrey Paine

Choosing the right path

Navigating anti-dilution clauses requires careful consideration, as they can significantly impact your startup’s future.

Here are some key factors to keep in mind:

Stage and potential

Early-stage startups with greater valuation uncertainty and potential for multiple financing rounds may find the weighted average clause more suitable. In contrast, later-stage startups with stable and higher valuations might negotiate with the full ratchet.

Balancing act

Striking a balance between anti-dilution safeguards and other contractual elements such as valuation, liquidation preference, board representation, voting rights, and exit strategies is crucial. Sometimes, compromising on one aspect can lead to more favourable terms elsewhere.

Final thoughts

Venturing into the world of startups and VC funding involves making difficult decisions. Anti-dilution clauses are just one piece of the puzzle.

It’s essential to thoroughly understand the implications of these clauses and tailor your choice to your startup’s stage and potential. By doing so, you can protect your vision while securing the funding needed to bring your startup to new heights.

Remember, every term sheet is negotiable, and it’s in your best interest to seek legal counsel to ensure your startup’s future remains secure and promising.

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