The FTX crypto exchange has announced the launch of FTX Ventures, its new venture capital fund. The $2 billion venture fund will back different Web3 teams that are creating projects in software, gaming, fintech, and healthcare.
The Sam Bankman-Fried led exchange has roped in Amy Wu to lead the new fund.
A Fund For Teams Working On Web3 And Blockchain
The new fund launches with $2 billion in assets under its management. These will be allocated to teams that are building projects in Web3 or working in the blockchain space. The fund will invest in projects at various development stages while also leveraging the extensive network created by FTX to provide the projects with any strategic support that they may need at any point during their development. FTX Ventures comes close to Paradigm’s unprecedented $2.5 billion crypto fund, which was announced in November.
Speaking about the fund, Sam Bankman-Fried commented,
“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.”
Bringing Amy Wu On Board
Bankman-Fried has roped in Amy Wu, a former partner at Lightspeed Venture Partners, to lead the team behind the fund. Wu focused on Lightspeed’s crypto and gaming investments. She spoke highly of Bankman-Fried and others at the FTX exchange, calling them “some of the smartest people disrupting the financial services industry.”
Speaking about the announcement, Miss Wu stated,
“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. We’re particularly excited about web3 gaming and its ability to bring mainstream audiences into the ecosystem.”
Not The First Foray By FTX
FTX was valued at $18 billion when it managed to raise $900 million in July. While FTX Ventures has only just been announced, FTX is no stranger to investing in the digital assets space, having already invested in several projects. One of the most notable investments by FTX was made in November 2021, when it took part in a $100 million funding initiative. FTX participated in the initiative in partnership with Solana Ventures and Lightspeed Venture Partners to launch the Web3 gaming fund.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.