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 reported the news earlier on January 14th, indicating that FTX Ventures will be one of the largest such funds in the cryptocurrency space.
- The coverage informed that the entire $2 billion funding came from the exchange’s founder and CEO – Sam Bankman-Fried.
- FTX Ventures plans to invest in up-and-coming crypto protocols as funding could start from $100,000 and could go up to “hundreds of millions of dollars.”
- Amy Wu, formerly from Lightspeed Venture Partners, will spearhead the new initiative. She noted that the organization can deploy all funds by 2023, depending on the opportunities it sees in the market.
- Wu outlined 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 the likes of Binance and Coinbase with designated products designed to invest in new projects.
- FTX has seen impressive growth, including a 500% volume increase in Q3 2021, lately with numerous partnerships with large US-based entities, such as Cal Athletics.
- Separately, prominent names such as NBA’s Steph Curry and NFL’s Tom Brady joined the company as ambassadors.
- Just earlier today, CryptoPotato reported that the exchange wants to offer stock trading services in the US soon.
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Tags: FTX Exchange