Crypto exchange FTX launches a $2 billion venture capital fund
Crypto exchange FTX recently announced the launch of a $2 billion venture capital fund–FTX Ventures.
According to the official announcement made by the crypto exchange, FTX hired a former partner at Lightspeed and Discovery, Inc. executive Amy Wu to lead the new fund focused on investing in top projects building in Web3.
A broad investment mandate
With a “core mission” to further global blockchain adoption, FTX Ventures will focus on investing in teams building in Web3–covering a broad range of sectors, including social, gaming, fintech, software, and healthcare.
“Our investors at FTX have made a deep impact in supporting our growth and development. We strive to do the same at FTX Ventures and are excited to find the brightest minds and disruptive innovation in tech,” said Sam Bankman-Fried, founder and CEO of FTX.
While investing in multi-stage companies and projects, FTX Ventures will be leveraging flexible funding and strategic support from FTX and its network of partners.
According to the announcement, FTX Ventures will kick off with a team of eight, which will include Ramnik Arora as a general partner and Armani Ferrante as an advisor, amongst others.
Particularly interested in Web3 gaming
“I am thrilled to be joining FTX to work alongside Sam and some of the smartest people disrupting the financial services industry. With FTX Ventures, we are looking to support entrepreneurs building generational businesses,” said Wu, who was chosen to lead FTX Ventures, gaming, and commercial initiatives.
1/ Sharing a life update! I’m thrilled to join @FTX_Official to lead FTX Ventures, gaming, and commercial initiatives reporting to @SBF_FTX, in the company’s next chapter as a leading global financial services and web3 company.https://t.co/02uSg9e7g1— Amy Wu (@amytongwu) January 14, 2022
“We’re particularly excited about Web3 gaming and its ability to bring mainstream audiences into the ecosystem,” she added.
Wu steps into the new role coming from Lightspeed Venture Partners, a multi-stage venture fund with over $10 billion in AUM, where she led crypto and gaming investments, including the fund’s investment in FTX.
With the launch of its investment arm, FTX joins other major crypto exchanges, such as Binance, Coinbase, and Kraken, which already rolled out their global venture capital funds.Source