Funtap, a Vietnam-based game publisher, announced Monday that its unit Funverse Capital has launched its first $10 million-sized investment fund for blockchain-focused tech startups capable of driving profound impact on the fintech and gaming industry.

In addition to capital funding ticket size of up to $1 million for each qualified project, Funverse Capital offers mentorship and accelerator programs which take advantage of Funtap’s leading position in Vietnam’s mobile gaming market such as the company’s nearly a decade of market understanding and its 42 million worldwide customer network, Funtap said in a statement.

“In the Southeast Asia market, the capital fund is now seeking startups working on blockchain-enabled applications in GameFi, DeFi and other potential projects,” said Funverse Capital’s Managing Director Philips Dao. Phillips Dao is currently Funtap’s Vice President of Game Business. The 39-year-old director has 15 years of experience in the gaming industry.

Vietnam’s blockchain market has been booming recently since the huge success of Sky Mavis, the tech startup behind the well-known monster-combat NFT game Axie infinity. According to VOV, Vietnam now has at least 10 blockchain startups with market capitalization of over $100 million. Among the World’s top 200 blockchain companies, there are five to seven companies that have Vietnamese founders. Experts said that with the advantage of high-quality and market-sensitive human resources in technology and years of experience doing software outsourcing, Vietnam is a promising land for the thriving of blockchain-based products.

“A good product is not enough for the startup to win in today’s market. We recognize the opportunity for fledgling entrepreneurs to go ‘from vision to action’ and are willing to assist them turn their ideas into reality by sharing the strength of a worldwide business network, the mutual advantages of the online ecosystem, and growth lessons in the typical Internet market,” added Dao.

The official launch of Funverse Capital confirms Funtap’s strong move-in blockchain industry, especially gaming fintech in coming years.

The new venture capital plays a vital role in the whole group’s plan to achieve its ultimate goal of becoming among the leading and respected technology companies in South East Asia in the next five years.

“Blockchain and NFT are great motivations for the coming generation of Internet products and services. With our financial capital and other business resources committed via Funverse Capital, Funtap is now ready to contribute to the growth and acceleration of the emerging tech industry,” said Adam Bui, Founder and Chief Executive Officer of Funtap Corp.

Headquartered in Hanoi, Vietnam, Funtap has grown from a zero-dollar firm in 2015 to a digital service ecosystem that includes games, digital content, payment, and finance solutions for more than 42 million users worldwide, placing it among the fastest-growing companies in the region’s markets.

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