FTX, a leading digital asset trading platform, has launched a new $2 billion investment fund with the intention of growing global blockchain adoption and supporting companies from a wide range of fields, including “gaming, fintech, software, and healthcare.”
Key takeaways:
- The new venture fund, called FTX Ventures, is not FTX’s first venture operation – the exchange’s sister company Alameda has long been making sizeable investments in the space and is one of the more prominent crypto-focused investors.
- According to the company’s press release, the new $2 billion investment unit will be helmed by Amy Wu, who brings extensive experience from her role as a partner at a $10 billion VC firm Lightspeed.
- Speaking to The Block, Wu commented that the new fund will be investing in companies operating in the crypto industry and that the goal is “to accelerate the adoption of blockchain technology.”
- The capital for FTX Ventures reportedly came entirely from the exchange itself and from its billionaire founder Sam Bankman-Fried. The fund will be writing checks of all sizes, starting from as low as $100,000.
- Last October, FTX raised more than $420 million in Series B-1, which increased the company’s value to $25 billion.
- FTX joins its main competitors Coinbase and Binance that launched their respective venture units, Coinbase Ventures and Binance Labs, several years ago.
- FTX’s native exchange token FTT gained 5.78% on the news and set a new cycle high of $44.04.
