In 1876, when Alexander Graham Bell introduced the first telephone, the President of Western Union — then the leading telegraph company, declared: "This device is inherently of no value and has too many shortcomings to be considered a serious means of communication."
In 1996, during the early days of the Internet, Newsweek shared the opinion: "The truth is, no online database will replace your daily newspaper, and no computer network will change the way the government works."
In 2006, when Amazon introduced its cloud computing service, many traditional IT businesses hesitated: "Should we entrust our data to a company once famous for... selling books?"
Obviously, many technologies were not warmly welcomed at first but silently changed our habits within a few years. Blockchain shares a similar story. Yet, amidst the skepticism that clouded this technology, a small group of young people in Vietnam chose to walk this path.
Founded in 2017, when the blockchain wave was still nascent, this small startup group has now developed into Ninety Eight — a company with a blockchain ecosystem that meets most user and developer needs.
With more than 8 million users across 170 countries and an Ecosystem Fund valued at 25 million USD, Ninety Eight is actualizing the vision of "enabling Asians to lead the wave of new technology." Such achievements definitely did not come easily. So, we should listen to Mr. Lê Thanh, Founder of Ninety Eight, as he reflects on his eight-year journey of pursuing blockchain — a journey of perseverance and growth.
In your opinion, how have people's perspectives and attitudes towards blockchain changed since 2017?
Previously, blockchain was often associated with opaque financial projects or speculative ICOs and cryptocurrencies. It was viewed as something risky, heavily financial rather than a foundational technological solution like AI, big data, or robotics.
However, over time, as blockchain applications gradually penetrated daily life to serve real needs, from decentralized finance (DeFi) and supply chains to digital identity, document authentication, and various applications in entertainment and education, user perceptions began to shift as they benefited from the technology.
At the national level, the Singapore government has implemented OpenCerts to authenticate academic degrees. In South Korea, blockchain is used to verify identities without centralized data storage, thus better protecting citizens' privacy. In Vietnam, in October 2024, the Deputy Prime Minister signed the decision to promulgate the National Strategy for the Application and Development of Blockchain Technology to 2025, with orientations towards 2030.
Such national-level recognition brings hope and confidence to those building startups like us. This process also taught me an important lesson: with limited resources, instead of trying to change preconceived notions, it is better to focus on creating truly useful, convenient, and accessible products. In the end, users will choose whatever makes their lives better.
When the value of the product becomes clear, recognition and respect will come naturally. If each person does their part well, the industry will naturally earn recognition based on its true contributions.
Which opportunity did you spot amidst the risks at that time? And why did you decide to start a blockchain business?
As a technical graduate specializing in embedded systems, I was accustomed to research and product development from my university days. After graduation, I continued on the path of technology entrepreneurship. Initially, when I learned about blockchain through friends, like many others, I merely saw it as an investment opportunity.
But the more I studied, the more I was drawn to the underlying technology. Blockchain carries a novel operational philosophy: solving the problems of transparency, decentralization, and mutual trust without third parties — challenges that traditional systems still struggle with. I believed it was a step aligned with the future.
In 2017, blockchain in Vietnam was still a vague concept, with few truly building serious products. Yet for me, the fact that "no one had done it yet" presented even more opportunity. If we built it intelligently from the beginning, we could go the distance. Blockchain had solid theoretical foundations. The important question was whether that theory could be realized into functional, real-world products.
Of course, in those early days, blockchain was far from "smooth." But I believed that, over time, the challenges would be addressed. Today’s platforms, such as Aptos and Sui, demonstrate with high processing speeds and near-zero transaction fees. These were things unimaginable back in 2017.
Ninety Eight’s products also grew gradually. Initially, the electronic wallet simply served storage needs. Later, we integrated more useful features: users could exchange tokens, participate in blockchain gaming, or connect with decentralized applications (dApps). The aim was to turn the wallet into a versatile tool that made blockchain more accessible and safer for the general public.
Blockchain inherently offers high security and data ownership for users. Can you explain why is there still so much distrust?
I believe it stems from a lack of knowledge and lingering prejudices. Those who truly study blockchain realize it is like any other technology: it has strengths, limitations, industries it fits, industries it doesn’t. It is not a solution to every problem.
In reality, blockchain has already become present in daily life. According to Bitwise's report, in 2023, Visa processed approximately 13 trillion USD in transactions, while stablecoins reached 7 trillion USD. Yet just one year later, stablecoin transaction volumes doubled, reaching nearly 14 trillion USD — surpassing Visa.
Those outside the industry may not notice, but giants like Visa, Mastercard, BlackRock, and PayPal have all taken action by issuing their own stablecoins or heavily investing in blockchain infrastructure. Why? Because they believe blockchain is the foundation of the future financial system.
Blockchain technology is approaching the stage where the average user can use it daily without realizing it is blockchain. The day when this technology becomes seamlessly integrated into daily life, rather than doubted or debated, may not be too far off.
Compared to global enterprises, where does Vietnam stand in the blockchain race?
Blockchain is among the few high-tech fields where Vietnam has a strong opportunity to play a leading role globally. In many other sectors, such as IT infrastructure, AI, or data centers — enormous capital investment is required, often beyond the reach of companies from developing countries.
For example, Google's CEO plans to invest 75 billion USD (~1.9 million billion VND) into AI in 2025. Amazon is going even further, declaring an investment exceeding 100 billion USD (~2.5 million billion VND) mainly into data centers and servers for Amazon Web Services (AWS).
But blockchain is different. The cost to start is significantly lower, while the global market remains wide open. When developing blockchain products, I do not aim at just 100 million Vietnamese users, but hundreds of millions, even billions of potential users worldwide.
From product design thinking to marketing strategies to community-building — everything must be placed in an international context. Vietnam also has a very promising developer workforce: strong in mathematics, skilled in programming, increasingly proficient in English, and especially strong in self-learning and adopting new technologies.
However, opportunity always comes with challenges. Because this is a global playing field, your product will directly compete with teams from South Korea, Singapore, the U.S., Europe, etc. The same idea might be developed by 10 different teams simultaneously. Once you step into the global market, it is essential to have a commitment to succeed.
To turn your vision into reality, what are your criteria for selecting team members?
- Creativity: Blockchain is one of the fastest-evolving industries today, meaning there is no established "formula for success." Working in this field means constantly innovating — in product, business models, and user engagement strategies.
- Integrity: As this field relates closely to finance, temptations abound. We need individuals firmly grounded in personal ethics.
- Diligence and a Passion for Learning: Every day brings change — new technologies, new models, new user community insights. Constant self-learning is necessary to keep pace.
Those are my three main criteria. Many people often ask, "Do you prioritize Vietnamese, overseas Vietnamese, or foreigners?" I keep it simple: whoever can get the job done. It is important that their personal values must align with Ninety Eight’s team culture and possess a desire to create socially beneficial products. In this industry, collaboration across nationalities has become increasingly common.
At Ninety Eight, we collaborate with many international partners and friends and conversely, many Vietnamese developers are working for foreign companies.
Blockchain is new to everyone. Thus, what matters most when entering this industry are ideas, competence, and personal effort — things that transcend borders.
If a newbie is curious about blockchain, where should they start?
I think they can start with a very small action... ask ChatGPT! (laughs).
Today, accessing knowledge is much easier than before. In the past, we had to Google everything. Now, you can simply type a question like "What is blockchain?" and receive organized information in return. Interestingly, ChatGPT, like a "virtual sage," can present the advantages, disadvantages, opportunities, and risks, giving us a comprehensive view.
Just a bit of curiosity and a desire to understand the industry better is enough to begin.