Cryptocurrency exchange FTX is launching a new $2 billion venture capital fund FTX Ventures. This is one of the largest funds in the cryptocurrency industry.
FTX has repeatedly invested in crypto firms through its affiliate Alameda, but has now decided run separate venture fund. The new division will be led by Amy Wu, a partner at venture capital firm Lightspeed.
According to FTX CEO Sam Bankman-Fried, the new fund will “develop blockchain and Web 3.0 adoption around the world, invest in companies operating in the social, gaming, healthcare, and financial industries.” Investments can range from $100,000 to hundreds of millions of dollars.
“The goals of the fund are not tied to the FTX strategy. Our goal, rather, is to accelerate blockchain adoption. We want to be recognized for the value we bring with the resources, experience and global partner network of the FTX Exchange,” Wu said.
Recall that, according to The Block, in 2021 there were 1,700 venture deals in the cryptocurrency industry. The amount of funds received from investors exceeded $25 billion.
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