Fun

Bitrue Ventures launches Web3-focused $40M investment fund

News Feed - 2024-07-19 03:07:06

Arijit Sarkar2 hours agoBitrue Ventures launches Web3-focused $40M investment fundBitrue Ventures’ new fund aims to support Web3 startups with up to $200,000 in investment, offering extensive industry resources.1276 Total views5 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksUpdate (July 19, 9 am UTC): This article has been updated to include interview responses from Ryan Chan, investor principal at Bitrue Ventures.


The investment and research arm of crypto exchange Bitrue opened up a $40 million pool of investment funds dedicated to the Web3 ecosystem. 


Bitrue Ventures’ $40 million fund will be divided among several Web3 startups and developers, who are eligible to get up to $200,000 investment. According to the announcement shared with Cointelegraph, Bitrue will provide select projects the freedom to allocate their funds without external intervention.


In addition to monetary investments, Bitrue will also provide support for such Web3 projects:“This can range from development expertise, connections within the industry, management support, and more. We want to help you succeed, so let us know where you need help and we’ll do all in our power to provide whatever is needed.”


Speaking to Cointelegraph, Ryan Chan, investor principal at Bitrue Ventures, shared a positive outlook on the current crypto market trends. 


While Web3 projects from all niches are eligible to apply for funding, Bitrue Ventures shared five business verticals that are most likely to succeed. These include artificial intelligence, real-world asset tokenization (RWA), GameFi, decentralized physical infrastructure networks (DePIN), and decentralized finance. The company added:“As such, projects building within these industries will stand a better chance of receiving funding and are highly encouraged to reach out to us.”


Chan revealed to Cointelegraph their interest in RWA tokenization, considering its solid utility and crucial role in bringing crypto into mass adoption. He also pointed out the ongoing buzz at the intersection between Web3 and AI. “Other than that, we seek projects that could generate network effects, as we believe this is a key factor in determining whether a project could be in the game for the long run,” he added.


Bitrue Ventures concluded the above based on its recently released research report. The firm conducted a pilot investment round, in which Cardano-based projects WingRiders and Liqwid Finance received funding allocation.


Projects that receive funding from Bitrue Ventures can have their tokens automatically listed on the Bitrue exchange, “granting them exposure to Bitrue’s 10 million users and allowing them to utilize the integrated marketing services provided by Bitrue.”


Chan advised Web3 entrepreneurs to stay focused on their core values and not jump the trend bandwagon.  He said:“It doesn’t matter if their ideas don’t match the current wave because they ARE the next wave. If you have a killer idea and execute it well, then don’t worry; it will get the attention it deserves.”


Related:HTX crypto exchange overtakes Coinbase in trading volumes


On April 24, Bitrue suffered a hot wallet exploit and lost $23 million worth of cryptocurrencies.Source:Bitrue


Bitrue later confirmed that the loss related to the hack accounted for less than 5% of the exchange’s overall funds.“The rest of our wallets continue to remain secure and have not been compromised. We are conducting a thorough security review and will update you as we make progress.”


The exchange promised to fully compensate all the affected users. According to the announcement, the currencies affected by the exploited hot wallet were Ether (ETH), Shiba Inu (SHIB), Quant (QNT), Gala (GALA), Holo (HOT) and Polygon (MATIC).


Magazine:Saudi Arabia’s Riyadh may be crypto’s sleeping giant: Crypto City Guide# Business# Funding# Startups# Investments# Adoption# Cryptocurrency Exchange# Web3Add reaction

News Feed

Helen Partz13 hours agoHSBC taps Ripple’s Metaco to launch security token custodyHSBC has partnered with Ripple-owned tech firm Metaco to allow institutional investors to hold tokenized securities on its new custody pl
Tezos Ties-Up with Wolfram Blockchain Labs to Simplify Smart Contract Deployment
Tezos Ties-Up with Wolfram Blockchain Labs to Simplify Smart Contract Deployment Wolfram Blockchain Labs (WBL) and Tezos are forging a full integration of Tezos
XRP Breaks Key Barrier, Surges Past 100-Day SMA And $2.7 Resistance
Este artículo también está disponible en español. XRP has finally shattered a critical resistance level, surging past $2.7 and breaking above the 100-day Simple Moving Av
Prashant Jha9 hours agoCrypto exchange Bullish buys 100% stake in crypto media site CoinDesk: ReportCoinDesk was owned by the Digital Currency Group, which acquired the media company in 2016 for $500,000. Its new owner i
Biggest Movers: LUNA Loses 50% of Its Value, While XMR and AXS Declines Continue
Biggest Movers: LUNA Loses 50% of Its Value, While XMR and AXS Declines Continue LUNA was down by over 50% in today’s session as markets continued to react toUST losing its
Sky High Bitcoin and Ethereum Fees: While Prices Jump the Cost to Transfer Follows Suit
Sky High Bitcoin and Ethereum Fees: While Prices Jump the Cost to Transfer Follows Suit While a number of digital currencies have seen price gains the two leadin
Australians wouldn’t value retail CBDC for its privacy or safety, RBA finds
Derek Andersen3 hours agoAustralians wouldn’t value retail CBDC for its privacy or safety, RBA findsAustralians would rather have accounts with commercial banks and keep their data away from the RBA.493 Total views2 To
Moldova Bans Cryptocurrency Mining Amid Energy Crisis Caused by War in Ukraine
Moldova Bans Cryptocurrency Mining Amid Energy Crisis Caused by War in Ukraine The government of Moldova has decided to suspend crypto mining activities in the country as it’s fa
WATCH: Deribit CEO Says Crypto Exchange’s $1.3 Million Gaffe Was ‘Wake-Up Call’
Deribit, the Amsterdam-based cryptocurrency exchange, is learning from last week’s $1.3 million mistake. That’s how much Deribit agreed to reimburse customers after an O
Billionaire Stan Druckenmiller Prefers Bitcoin Over Gold in ‘Inflationary Bull Market’
Billionaire Stan Druckenmiller Prefers Bitcoin Over Gold in "Inflationary Bull Market" Renowned billionaire hedge fund manager Stanley Druckenmiller says that in an inflationary bu
Bitpay Adds Shiba Inu Crypto as Petition to List SHIB on Robinhood Exceeds 545K Signers
Bitpay Adds Shiba Inu Crypto as Petition to List SHIB on Robinhood Exceeds 545K Signers Crypto payment firm Bitpay has added support for the meme cryptocurrency shiba inu. Followin
Energy-efficient miners in US less likely to be impacted by Bitcoin halving
Rachel Wolfson9 hours agoEnergy-efficient miners in US less likely to be impacted by Bitcoin halvingBitcoin miners in the United States explain how energy-efficient models will help keep operations profitable post-halvin