DeFi
Bitrue Announces $40M Investment Fund to Back AI, DeFi, and GameFi Startups
Cryptocurrency exchange Bitrue has announced that it has allocated $40 million to its new fund to help teams develop their technology and “bring their cryptocurrencies to fruition.”
Singaporean crypto exchange Bitrue launches $40 million investment fund to support fledgling exchanges web3 companies, the exchange said in a statement published on its blog Thursday.
Startups can receive up to $200,000 in funding from Bitrue Ventures, along with additional support such as development expertise, industry connections, and management support. While no specific technical requirements have been set, Bitrue Ventures has indicated a preference for projects in sectors such as artificial intelligence (AI), tokenization of real-world assets (RWA), gamefi, decentralized physical infrastructure networks (depin) and decentralized finance (challenge).
“Therefore, projects developed in these sectors will have a better chance of receiving funding and are strongly encouraged to contact us.”
Bitrue Ventures
In addition to financial support, Bitrue Ventures suggested that startups interested in issuing their own tokens could have the opportunity to list them on Bitrue, noting that in return, it “will benefit from strong market positioning by aligning with cutting-edge projects and technologies.” However, no specific timeline was provided for the initiative.
Meanwhile, BitMEX founder Arthur Hayes is also teasing a new grant program for developers to improve Bitcoin’s “resilience, scalability, and privacy features.” The so-called “Bitcoin Grant Program,” backed by Arthur Hayes’ Maelstrom Fund, is intended to aid in the “technical development of Bitcoin,” with grants ranging from a minimum of $50,000 to a maximum of $150,000 per developer.