FTX has launched a $2 billion venture capital fund focused on promoting Blockchain and Web3 adoption
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Cryptocurrency company FTX has announced the launch of a $2 billion venture capital fund called FTX Ventures. The fund's focus will be on developing blockchain and Web3 technology along with investments in “social services, gaming, fintech, software, and healthcare.” FTX Unveils $2 Billion Venture Capital Fund, Hires Lightspeed Partner Amy Wu FTX Trading Limited has announced the launch of a new venture capital fund aimed at promoting blockchain and cryptocurrency solutions that are applied to a variety of different industries.
In addition to launching a $2 billion venture capital fund for FTX Ventures, the firm has hired former Lightspeed Ventures partner Amy Wu. According to the announcement, Amy Wu will lead FTX Ventures' gaming, M&A, and business initiatives. A venture capital fund announcement sent to Bitcoin.com News explains:
"FTX Ventures' core mission is to advance global blockchain and web3 adoption, with a broad investment mandate across social media, gaming, fintech, software and healthcare. The fund will invest in multi-stage companies and projects, providing flexible financing 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 looks forward to supporting companies and entrepreneurs. “We are particularly excited about Web3 games and their ability to attract key audiences to the ecosystem,” Wu said in a statement.
FTX CEO, Sam Bankman-Fried, “passionate about looking for disruptive innovations” FTX has made a slew of moves over the past 12 months with a heavy focus on sports and entertainment. In the past year, FTX has partnered with Monumental Sports Entertainment (MSE), Sports Illustrated, the Los Angeles Angels' Shohei Ohtani, global esports company TSM, the Aaron Jones-managed Green Bay Packers, the Mercedes-AMG Petronas Formula One team, and seven-time Super Bowl winner Tom Brady and his supermodel wife Gisele Bündchen. During the first week of November 2021, FTX joined forces with Solana Ventures and Lightspeed to launch a $100 million blockchain gaming fund.
“Our investors at FTX have had a profound impact in supporting our growth and development,” Sam Bankman-Fried said Friday regarding the new venture capital fund. “We strive to do the same at FTX Ventures and are passionate about finding the brightest minds and disruptive innovation in technology,” Bankman-Fried added. Source
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