Amid the ongoing wave of crypto euphoria, leading crypto exchange Bitrue (BTR) has announced the launch of its own VC foundation.
A $50,000,000 fund announced by Bitrue (BTR)
According to a press release shared with U.Today by Bitrue (BTR) team, it has launched Bitrue's VC fund to support early-stage products. The initial amount of funding secured for this project is $50 million.
Out of this massive sum, 70 percent will be offered in the Tether (USDT) stablecoin while the remaining 30 percent will be stored in Bitrue's core utility asset Bitrue Coin (BTR).
Adam O'Neill, chief marketing officer at Bitrue, noted that all applications would be reviewed thoroughly to pick only the most promising and valuable concepts:
At Bitrue we believe that a rising tide lifts all boats, so we want to do all that we can to support budding teams that need financial help to realize their full potential. We will be carefully selecting projects that we deem have an appreciable chance of becoming successful or have some form of significant value. In this way we hope that more entrepreneurs will be able to change the world through blockchain technology
All project should pitch their ideas to Bitrue (BTR) managers and engineers. Then, exchange representatives will contact the game-changing teams to discuss the collaboration.
Applicants are welcomed until 2024
As per the introductory announcement by the team, the applications will be open for three years.
Crypto exchange Bitrue (BTR) is well-known for its focus on managing a strong and passionate community. Recently, it launched exclusive 'liquidity mining' instruments for BTR holders.
Also, Bitrue (BTR) made an exciting announcement for the XRP Army about the listing of the first-ever DOGE/XRP pair. This addition resulted in a huge inflow of liquidity for the Dogecoin (DOGE) market.