Cryptocurrency firm FTX has announced the launch of a $2 billion venture capital fund called FTX Ventures. The fund will focus on advancing blockchain and Web3 technology alongside investments in “social media, gaming, fintech, software and healthcare.”
FTX Unveils $2 Billion Venture Fund, Hires Lightspeed Partner Amy Wu
FTX Trading Limited has announced the launch of a new venture capital fund aimed at empowering blockchain and cryptocurrency solutions that are applied to an assortment of different industries. In addition to launching FTX Ventures’ $2 billion venture capital fund, the company has hired former Lightspeed Ventures partner Amy Wu. According to the announcement, Wu will lead gaming, M&A initiatives. and business of FTX Ventures.
The venture capital fund announcement sent to Bitcoin.com News explains:
FTX Ventures’ core mission is to advance the global adoption of blockchain and web3, with a broad investment mandate in social, gaming, fintech, software, and healthcare. The fund will invest in multi-stage ventures and projects, providing flexible funding and strategic support from FTX and its network of global partners.
Wu says she looks forward to working alongside FTX CEO Sam Bankman-Fried, and noted that FTX Ventures is eager to support businesses and entrepreneurs. “We are particularly excited about the Web3 game and its ability to bring mainstream audiences into the ecosystem,” Wu said in a statement.
FTX CEO Sam Bankman-Fried is ‘thrilled to find disruptive innovation’
FTX has made a number of moves over the past 12 months with a focus on sports and entertainment. Last year, FTX partnered with Monumental Sports Entertainment (MSE), Sports Illustrated, Los Angeles Angels Shohei Ohtani, global esports company TSM, Green Bay Packers running back Aaron Jones, the Mercedes-AMG Petronas Formula 1 team and seven-time Super Bowl winner Tom Brady and his supermodel wife Gisele Bündchen.
In the first week of November 2021, FTX joined Solana Ventures and Lightspeed to launch a $100 million blockchain gaming fund. “Our investors at FTX have had a profound impact supporting our growth and development,” Sam Bankman-Fried said Friday of the new venture capital fund. “We strive to do the same at FTX Ventures and are excited to find the brightest minds and disruptive innovation in technology,” Bankman-Fried added.
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