The US exchange aims to allocate funds from $100,000 to hundreds of millions of dollars in certain blockchain and crypto projects through the new initiative called FTX Ventures.
- The Wall Street Journal first broke the news on January 14, stating that FTX Ventures will be one of the largest such funds in the cryptocurrency space.
- The cover informed that the entire $2 billion funding came from the exchange’s founder and CEO, Sam Bankman-Fried.
- FTX Ventures plans to invest in promising crypto protocols, as funding could start from $100,000 and could reach “hundreds of millions of dollars”.
- Amy Wu, formerly of Lightspeed Venture Partners, will lead the new initiative. She noted that the organization may deploy all funds by 2023, depending on the opportunities it sees in the market.
- Wu described cryptocurrency gaming companies, as well as NFT protocols and insurance and security products, as particularly intriguing.
- With the launch of FTX Ventures, the US exchange has joined Binance and Coinbase with designated products designed to invest in new ventures.
- FTX has seen impressive growth, including a 500% volume increase in Q3 2021, recently with numerous partnerships with large US-based entities such as Cal Athletics.
- In addition, big names such as Steph Curry from the NBA and Tom Brady from the NFL have joined the company as ambassadors.
- Earlier today, CryptoPotato indicated that the exchange wants to offer equity trading services in the United States soon.
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