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 [email protected].
SOURCE Bitrue
