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 to support nascent web3 companies, the exchange announced in a Thursday blog post.
Startups can receive up to $200,000 in funding from Bitrue Ventures, along with development expertise, industry connections, and management support. Bitrue Ventures prefers 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 stated.
In addition to financial support, Bitrue Ventures suggested that startups interested in issuing their own tokens could list them on Bitrue. The exchange believes this will strengthen 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 aiming to enhance Bitcoin’s resilience, scalability, and privacy. The “Bitcoin Grant Program” backed by Hayes’ Maelstrom fund will offer grants ranging from $50,000 to $150,000 per developer to aid in technical development.
