Cryptocurrency exchange Bitrue says it has allocated $40 million for its new fund to help teams develop their technology and “bring their coins to fruition.”
Singaporean crypto exchange Bitrue is launching a $40 million investment fund in an effort to support nascent web3 companies, the exchange said in a Thursday blog announcement.
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. Although no specific technical requirements have been outlined, Bitrue Ventures indicated a preference for projects in sectors like artificial intelligence (AI), real-world asset tokenization (RWA), gamefi, decentralized physical infrastructure networks (depin), and decentralized finance (defi).
“As such, projects building within these industries will stand a better chance of receiving funding and are highly encouraged to reach out to us.”
Bitrue Ventures
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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 turn it “will benefit from strong market positioning by aligning with cutting-edge projects and technologies.” However, no specific timeframe for the initiative was provided.
Meanwhile, BitMEX founder Arthur Hayes is also teasing a new grant program for developers to enhance Bitcoin’s “resilience, scalability, and privacy characteristics.” The so-called “Bitcoin Grant Program” backed by Arthur Hayes’ Maelstrom fund is expected to help with the “technical development of Bitcoin,” with grants ranging from a minimum of $50,000 to a maximum of $150,000 per developer.
Read more: Crypto VC roundup: Blockchain startups secure $150.9m in funding as Partior leads with $60m series B
