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Bitrue Launches $40 Million Fund to Support AI, GameFi, and DeFi in Web3 Ecosystem

19 July 2024
in Business, News
Reading Time: 3 mins read
104 6
Home Business

Singapore-based crypto exchange Bitrue has announced the launch of a $40 million investment fund through its venture arm, Bitrue Ventures.

The fund aims to foster growth in the Web3 ecosystem by supporting Web3 startups and developers with grants of up to $200,000 each, allowing recipients to manage their allocations independently.

While the fund is open to all Web3 niches, Bitrue Ventures identified five key areas with higher success potential: artificial intelligence, real-world asset tokenization, GameFi, decentralized physical infrastructure networks, and decentralized finance.

According to Bitrue, its measurement of the success potential for these focus areas is based on its recent research and pilot investment round supporting Cardano-based projects, WingRiders and Liqwid Finance.

Projects securing funding from Bitrue Ventures will benefit from automatic token listings on the Bitrue exchange, which will provide exposure to its 10 million users and access to integrated marketing services.

Beyond financial support, Bitrue will offer extensive resources to aid Web3 projects, including development expertise, industry connections, and management support. 

Bitrue emphasized its commitment to helping funded projects succeed, stating it will provide whatever support is needed.

“Let us know where you need help, and we’ll do all in our power to provide whatever is needed.,”

the blog post announcing the development read.

This development comes against the backdrop of a broader downturn in blockchain funding. A recent report revealed that blockchain venture funding globally experienced a 64% year-on-year decrease, falling from $10.66 billion in the first half of 2023 to $5.74 billion in 2024. The number of global deals also declined by 49%, with 678 deals recorded in 2024 compared to 1,306 in 2023.

Notably, African blockchain startups suffered it the most, raising just $34.7 million in the first half of 2024, a stark 74% decrease from the $135.4 million raised in the same period last year. However, despite this significant drop in funding amounts, the number of deals in the region actually increased by 9%, suggesting continued interest in the sector despite financial challenges.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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