Cryptocurrency company FTX has announced the launch of a $2 billion venture capital fund called FTX Ventures. In addition to investments in “social, gaming, fintech, software and healthcare”, the focus of the fund will be on the further development of blockchain and Web3 technology.
FTX Announces $2 Billion Venture Capital Fund and Hires Lightspeed Partner Amy Wu
FTX Trading Limited has announced the launch of a new venture capital fund aimed at strengthening blockchain and cryptocurrency solutions applied to a range of different industries. In addition to raising FTX Ventures’ $2 billion venture capital fund, the firm hired former Lightspeed Ventures partner Amy Wu. According to the announcement, Wu will lead FTX Ventures’ gaming, M&A and commercial initiatives.
The venture capital fund’s announcement, sent to Bitcoin.com News, explains:
FTX Ventures’ core mission is to drive global adoption of blockchain and Web3 with a broad investment mandate across social, gaming, fintech, software and healthcare. The fund invests in multi-phase companies and projects and offers flexible financing and strategic support through FTX and its network of global partners.
Wu says she looks forward to working with FTX CEO Sam Bankman-Fried and noted that FTX Ventures looks forward to supporting companies and entrepreneurs. “We are particularly excited about Web3 gaming and its ability to bring mainstream audiences into the ecosystem,” Wu said in a statement.
FTX CEO Sam Bankman-Fried is “excited to find breakthrough innovation”
FTX has made many moves over the past 12 months with a focus on sports and entertainment. Last year, FTX partnered with Monumental Sports Entertainment (MSE), Sports Illustrated, Los Angeles Angels’ Shohei Ohtani, global eSports company TSM, Green Bay Packers running back Aaron Jones, Mercedes-AMG Petronas Formula 1 team and seven-time Super Bowl winner Tom Brady and his supermodel wife Gisele Bundchen.
In the first week of November 2021, FTX joined Solana Ventures and Lightspeed to launch a $100 million blockchain gaming fund. “Our investors at FTX have been instrumental in supporting our growth and development,” Sam Bankman-Fried said Friday of the new venture capital fund. “We aspire to do the same at FTX Ventures and are excited to find the brightest minds and most disruptive innovations in technology,” added Bankman-Fried.
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