Cryptocurrency exchange Bitrue has announced a $40 million fund aimed at supporting the development of emerging web3 companies. This initiative, unveiled in a recent blog post, aims to assist startups in bringing their innovative technologies and coins to market.

Funding Opportunities for Web3 Startups

Bitrue Ventures, the investment arm of the Singaporean crypto exchange, will offer startups up to $200,000 in funding. In addition to financial support, startups will benefit from development expertise, industry connections, and management guidance. While no strict technical requirements have been specified, Bitrue Ventures has expressed a preference for projects in sectors such as artificial intelligence (AI), real-world asset tokenization (RWA), gamefi, decentralized physical infrastructure networks (depin), and decentralized finance (defi).

“Projects building within these industries will stand a better chance of receiving funding and are highly encouraged to reach out to us.”

Additional Benefits for Startups

In addition to funding, Bitrue Ventures may offer startups the chance to list their tokens on the Bitrue exchange. This listing could enhance market positioning by aligning with cutting-edge projects and technologies. However, no specific timeline for this initiative has been provided.

Other Developments in the Crypto Space

While Bitrue is focusing on early-stage web3 projects, other significant developments are also taking place in the cryptocurrency industry. For instance, BitMEX founder Arthur Hayes is preparing to launch a new grant program aimed at enhancing Bitcoin’s resilience, scalability, and privacy. The “Bitcoin Grant Program,” supported by Hayes’ Maelstrom fund, will offer grants ranging from $50,000 to $150,000 per developer to aid in Bitcoin’s technical development.

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