The investment and research arm of the crypto exchange Bitrue has launched a $40 million pool of investment assets exclusively dedicated to the Web3 ecosystem.
Several Web3 ventures and developers will be among the recipients of Bitrue Ventures’ $40 million fund, with the potential for a maximum investment of $200,000. As per the announcement, Bitrue will grant specific initiatives the autonomy to allocate their funds without external intervention.
Bitrue will offer assistance to Web3 initiatives in addition to financial investments:
“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.”
Bitrue Ventures identified five business verticals most likely to succeed despite Web3 initiatives from all niches being eligible to apply for funding.
These include decentralized finance, decentralized physical infrastructure networks (DePIN), GameFi, real-world asset tokenization (RWA), and artificial intelligence. In addition, the organization 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.”
Bitrue Ventures arrived at the preceding conclusion based on its most recent research report. The company allocated funding to Cardano-based initiatives WingRiders and Liqwid Finance in a pilot investment round.
Projects that receive funding from Bitrue Ventures can have their tokens automatically listed on the Bitrue exchange, giving them access to Bitrue’s 10 million users and enabling them to utilize the integrated marketing services that Bitrue provides.
On April 24, Bitrue experienced a hot wallet exploit, losing $23 million in cryptocurrency.
Subsequently, Bitrue verified that the hack-related loss constituted less than 5% of the exchange’s assets.
“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 guaranteed that all afflicted users would receive complete compensation. According to the announcement, the exploited hot wallet impacted the following currencies: Ether, Shiba Inu, Quant, Gala, Holo, and Polygon.
