VICTORIA, Seychelles, Aug. 6, 2024
/PRNewswire/ -- Newly formed investment company Bitrue
Ventures, a satellite organization of the
cryptocurrency exchange Bitrue, has today announced
the first of their public partnerships, and successful completion
of investment into Redacted and the RDAC coin.
Redacted is a high-potential startup working in the intersection
between web3 and entertainment, with a focus on integrated gaming
systems. Their RDAC coin acts as a utility token within the
Redacted entertainment network.
In addition to funding provided by Bitrue Ventures, Redacted has
secured over $10 million in funding
from a range of investors, including Polygon Ventures, Spartan
Group, Animoca Brands, Saison Capital, and numerous other
investment funds.
"The breadth of investors into Redacted underscores both the
quality of their fundamentals, as well as the sheer enthusiasm that
investors have for promising web3 companies." said Ryan Chan, Investor Principal at Bitrue
Ventures. "Bitrue Ventures has supreme confidence in Redacted's
vision and potential, and fully believe that they are able to carve
out a successful place for themselves in the $300 billion dollar gaming industry."
RDAC already has a significant community presence, with heavy
promotions underway from some of the largest influencers in the
GameFi and NFT spaces. Their leadership team consists of veterans
from high profile companies from a range of industries, including
Tesla, Bank of America, and Kraken. They have positioned themselves
to be a leading light in the world of web3 entertainment, and are
set to expand their ecosystem, innovate, and engage a growing
audience through strategic collaborations and advancements.
Bitrue Ventures was established in response to an elevated
influx of capital into the industry from institutional investors
and high net worth individuals, coinciding with a renewed interest
towards web3 technologies from the greater public sparked by the
ongoing AI revolution. Investor demand for
cryptocurrency projects is increasing rapidly, and
there is a market opportunity for a highly trained and specialized
investment fund to identify and nurture promising start-ups. Bitrue
Ventures has identified several key growth areas for the next
market cycle, including GameFi, RWA, DePIN and AI, and anticipates
completing more partnerships within these verticals.
More details about Bitrue Ventures activities with Redacted will
be announced shortly. In addition, Bitrue Ventures will be
announcing more partnership announcements within the upcoming
months. Any young web3 companies that are seeking investment from
Bitrue Ventures are invited to reach out to the team by sending
their introductory materials to investment@bitrue.com.
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SOURCE Bitrue