Cryptocurrency firm FTX has announced the launch of a $2 billion venture capital fund called FTX Ventures. The focus of the fund will be on the development of blockchain and Web3 technology along with investments in “social, gaming, fintech, software, and healthcare.”
FTX Unveils $2 Billion Venture Capital Fund, Hiring 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 FTX Ventures venture capital fund, the company has appointed former Lightspeed Ventures partner, Amy Wu. According to the announcement, Wu will lead FTX Ventures’ gaming, merger and acquisitions and commercial initiatives.
A venture capital fund announcement sent to Bitcoin.com News states:
FTX Ventures’ primary mission is to promote global blockchain and web3 adoption, with a broad investment mandate across social media, gaming, fintech, software, and healthcare. The fund will invest in multi-phase companies and projects, and provide 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 notes that FTX Ventures is looking to support businesses and entrepreneurs. “We are particularly excited about Web 3 games and their ability to bring mainstream audiences into the ecosystem,” Wu said in a statement.
FTX CEO Sam Bankman-Fred ‘Excited to seek disruptive innovations’
FTX has made a large number of moves over the past 12 months with a large 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, and the Mercedes-AMG Petronas Formula Team. One, Seven- Super Bowl winner Tom Brady and his wife, model Gisele Bündchen, won.
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 in 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 excited to find the smartest minds and disruptive innovation in technology,” Bankman-Fried added.
What do you think of the new $2 billion venture capital fund called FTX Ventures? Tell us what you think about it in the comments section below.
photo credits: Shutterstock, Pixabay, Wiki Commons
disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.