Bitrue announces $40m investment fund to back AI, defi, and gamefi startups

Cryptocurrency exchange Bitrue said it has allocated $40 million to its new fund to help teams develop their technology and “bring their money to life.”

Singaporean cryptocurrency exchange Bitrue announced on its blog on Thursday that it has launched a $40 million investment fund to support web3 startups.

Startups can receive up to $200,000 in funding from Bitrue Ventures, as well as additional support such as development expertise, industry connections, and management support. While specific technical requirements were not specified, Bitrue Ventures noted that it prioritizes projects in sectors such as artificial intelligence (AI), real-world asset tokenization (RWA), gamefi, decentralized physical infrastructure networks (depin), and decentralized finance (defi).

“Therefore, projects built in these sectors will have a higher chance of receiving funding and are strongly encouraged to reach out to us.”

Bitrue Initiatives

Bitrue Ventures noted that in addition to financial backing, startups interested in issuing their own tokens will have the opportunity to list them on Bitrue, which in turn will “benefit from a strong market position by aligning with cutting-edge projects and technologies.” No specific timeframe was given for the initiative, however.

Meanwhile, BitMEX founder Arthur Hayes is also proposing a new grant program for developers to improve Bitcoin’s “durability, scalability, and privacy features.” Backed by Arthur Hayes’ Maelstrom fund, the so-called “Bitcoin Grant Program” is expected to aid “the technical development of Bitcoin” with grants ranging from a minimum of $50,000 to a maximum of $150,000 per developer.