In separate blockchain-related developments from Vietnam, VinaCapital Ventures has backed Hub Global while data analytics firm Solscan has closed its seed round.
VinaCapital Ventures backs blockchain accelerator Hub Global
Vietnam-based venture capital firm VinaCapital Ventures has invested an undisclosed amount in Hub Global JSC, a platform to support local blockchain startups.
VinaCapital Ventures said it will become Hub Global’s largest external shareholder and will have a seat on the latter’s board of directors.
Hub Global was founded in 2021 by Linh Han, CEO at local accelerator VSV Capital; Bryan Pelz, CEO of Xtab Xtudios and a former co-founder and current board member of VNG; and Hai Bui, co-founder of VCC Holdings and former head of business technology transformation at Techcombank and Kyber Network.
Hub Global is focused on three key areas – incubator/accelerator, blockchain community and sandbox, and blockchain investment. The blockchain investment fund, backed by 10 limited partners and several entrepreneurs, has recorded a profit of 5x since its initial investment, VinaCapital Ventures said.
“It’s clear that blockchain has enormous potential far beyond cryptocurrency, and Vietnamese start-ups are already making inroads in developing blockchain solutions in a number of applications,” added Trung Hoang, partner at the VC firm.
VinaCapital Ventures was launched in 2018 as the technology investment platform of VinaCapital, an investment firm with over $3.7 billion assets under management.
Blockchain analytics startup Solscan raises $4m seed funding
Solscan, a Singapore-based, Vietnamese-founded Solana block explorer and data analytics firm, has raised a $4 million seed round co-led by Multicoin Capital and Electric Capital.
The company said in a statement that Jump Capital, Sequoia Capital India, Alameda Research, Solana Ventures, Signum Capital and CoinGecko participated in the round.
Launched six months ago, Solscan’s block explorer currently commands over 2.3 million monthly users and more than 180 million monthly data requests.
Solscan said it will also launch Solscan Analytics, a subscription-based analytics platform that will integrate on-chain and off-chain data to deliver market intelligence.