Exchanges

FTX ready to invest in crypto startups through a $2B fund

  • FTX has announced the formation of FTX Ventures which will invest in crypto-based startups.
  • The fund is worth $2 billion and will be headed by Amy Wu, General Partner at the firm.
  • Wu told Wall Street Journal that the funds will be deployed by the next year.

Popular crypto exchange FTX has brought very good news for cryptocurrency startups. The firm has announced that it will be investing in these blockchain-based startups via a $2 billion fund. 

Amy Wu heads the fund

In a series of tweets, Amy Wu announced that she would be leading the team. Wu is also a General Partner of FTX Ventures, the venture arm of the cryptocurrency exchange. The team also includes Sam Bankman-Fried, the CEO of the firm.

Wu further added that the exchange is welcoming anyone who wants to join the team of FTX Ventures with open arms sharing the link of a Wall Street Journal article.

“We’re launching FTX Ventures today, a $2B fund for builders, by builders. We’re excited to support great teams across crypto, web3, and more.”

Wu came on board with FTX from Lightspeed Venture Partners and told WSJ that all the funds could be deployed by next year. 

FTX to invest in gaming

FTX is also investing in gaming projects which will also be led by Wu. Furthermore, the report from WSJ claims that this is one of the biggest funds in the industry, and the full funding came from the exchange and its founder.

The launch of the venture arm of the exchange comes ahead of the active involvement of Binance Labs and Coinbase Ventures in the crypto industry. 

Binance Labs have been actively investing in multiple firms. Recently, the venture arm of the world’s biggest crypto exchange invested in WOO Network

On the other hand, the token of the FTX exchange, FTT, has seen a tremendous price surge in 2021, jumping from over $2 in Jan 2021 to nearly $85 in September.

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Anisha Pandey

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A writer, an artist, an engineer, and a girl with a colorful mind, Anisha believes in achieving results smartly and diligently.

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