Bitrue Ventures, the investment and research arm of crypto exchange Bitrue, has introduced a $40 million fund dedicated to supporting startups within the Web3 ecosystem. Here are the key details of this initiative:
Fund Overview:
- Bitrue Ventures has allocated $40 million to invest in Web3 startups and developers, offering individual projects up to $200,000 in funding. The fund aims to foster innovation and growth within various sectors of the Web3 space.
- Selected projects will receive not only financial support but also access to Bitrue’s industry resources, including development expertise, industry connections, management support, and more. Bitrue emphasizes its commitment to providing comprehensive assistance tailored to the needs of each project.
Targeted Industries:
- While Web3 projects across all niches are eligible to apply, Bitrue Ventures has highlighted five key business verticals with promising prospects. These include:
- Artificial Intelligence (AI)
- Real-World Asset Tokenization (RWA)
- GameFi (Gaming Finance)
- Decentralized Physical Infrastructure Networks (DePIN)
- Decentralized Finance (DeFi)
- Projects focusing on these industries are encouraged to apply for funding, as they are perceived to have a higher likelihood of receiving investment.
Strategic Focus Areas:
- Bitrue Ventures places particular emphasis on RWA tokenization due to its practical utility and potential for mainstream adoption. Additionally, there is significant interest in projects at the intersection of Web3 and AI, recognizing the transformative potential of combining these technologies.
- The firm also values projects that can generate network effects, believing this capability is crucial for long-term project viability and success.
Past Investments and Listing Benefits:
- Bitrue Ventures has already initiated its funding efforts through a pilot investment round, supporting projects such as WingRiders and Liqwid Finance, both based on the Cardano blockchain.
- Projects funded by Bitrue Ventures may benefit from automatic listing on the Bitrue exchange, exposing them to Bitrue’s extensive user base of 10 million users. Additionally, these projects can leverage integrated marketing services provided by Bitrue to enhance their visibility and adoption.
Security and Compensation Assurance:
- Bitrue has recently experienced a security incident involving a hot wallet exploit resulting in a loss of $23 million worth of cryptocurrencies. The affected currencies included Ether (ETH), Shiba Inu (SHIB), Quant (QNT), Gala (GALA), Holo (HOT), and Polygon (MATIC).
- Despite this incident, Bitrue has assured its users that the majority of its wallets remain secure and uncompromised. The exchange is conducting a thorough security review and has committed to fully compensating all affected users.
Closing Thoughts:
- Bitrue Ventures encourages Web3 entrepreneurs to stay focused on their core values and innovative ideas, emphasizing that genuine innovation will attract attention and drive success regardless of current market trends.
- This $40 million investment fund underscores Bitrue Ventures’ commitment to fostering innovation within the Web3 ecosystem, supporting projects that push the boundaries of blockchain technology and decentralized finance.
In summary, Bitrue Ventures’ new $40 million investment fund represents a significant commitment to the growth and development of the Web3 sector, providing crucial financial backing and support to innovative startups across various industries within the decentralized ecosystem.
