Key takeaways:
- FTX has pledged to spend at least $100 million and up to $1 billion to “improve humanity” through its newly launched Future Fund
- The exchange is looking to invest in projects working on pressing humanitarian issues like reducing biorisk and improving renewable energy infrastructure
- The FTX has recently reached a $32 billion market valuation on the heels of a $400 million Series C
FTX’s Future Fund will support a wide range of humanitarian-oriented projects
One of the leading cryptocurrency exchanges, the Sam Bankman-Fried led FTX, has announced it will be deploying up to $1 billion across a number of ambitious projects with the aim of improving “humanity’s long-term prospects.”
The FTX team has put together a comprehensive list of ideas and projects they would like to fund. Some areas that FTX is looking to pursue include AI ethics, biological weapons shelters, renewables, and alternative voting systems. According to Monday’s statement, FTX is looking to prioritize “massively scalable” projects that can grow substantially and “productively” spend up to hundreds of millions of dollars annually.
FTX has significantly ramped up its investment efforts over the past couple of months. In mid-January, the exchange launched a $2 billion venture capital unit with the goal of advancing Web3 adoption. In February, the company announced it will be launching FTX Gaming, a dedicated gaming unit with the aim of persuading game publishers to incorporate blockchain-powered products and services into their digital creations.
In related news, FTX hit a $32 billion valuation earlier this year, after raising $400 million in a Series C funding round. At the time, the founder and CEO of FTX, Sam Bankman-Fried, stated that the newly-acquired capital will go towards expanding FTX’s global reach and new products and services.
