Bitrue Cryptocurrency Exchange Invest in Cardano-based DEX.
Popular cryptocurrency exchange Bitrue has announced that it has invested in Cardano-based decentralized exchange (DEX) WingRiders.
Bitrue noted in a recent blog post that it joined other notable investors, including Animoca Brands, MatrixPort, Spark Digital Capital, and Double Peak, to participate in WingRider’s private funding round.
Notably, the investment is the first Bitrue has made in a relatively new project after the exchange announced the launch of a $50 million investment fund for upcoming cryptocurrency and blockchain projects.
Bitrue, which set up the fund in the mid-last year, disclosed that every investment in upcoming blockchain projects will be in cryptocurrency with 70% being issued as USDT, while the remaining 30% will be in its native token, the Bitrue Coin (BTR).
“Bitrue has invested in the #Cardano-based DEX WingRiders @wingriderscom! Alongside major crypto investors @AnimocaBrands, @realMatrixport, @capital_spark & @DoublePeakGroup we’re helping support nascent projects with our $50,000,000 investment fund,” Bitrue said.
— Bitrue (@BitrueOfficial) March 9, 2022
The exchange added that it still has more Cardano news to make in the coming weeks.
Aside from the funding, Bitrue said it “will also be assisting behind the scenes with development and marketing support. We will do all we can to help this young company grow and become successful.”
Since Cardano enabled smart contract functionality, a handful of decentralized exchanges have already made their full debut on the network, with others still building behind the scenes to make a full debut on the network.
WingRiders is among the DEX building its platform on the Cardano blockchain.
Located in the British Virgin Islands, WingRiders, which describes itself as a native and fast AMM DEX platform, has already deployed on Cardano Testnet, with plans to go live on Mainnet soon.
It is worth noting that WingRiders has already attracted significant investments from notable firms in the past. Last month, WingRiders announced that it successfully raised $4.5 million from notable investors, including cFund, Coti, Spartan Group, and LongHash Ventures.
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