FTX Launches a USD 2B Blockchain & Web3 Fund
Major crypto derivatives exchange FTX has launched a USD 2bn venture fund, FTX Ventures.
The new fund is focused on “backing the world's best teams building in the digital asset ecosystem,” the company said. It seeks to invest in multi-stage companies and projects, with the team stating that they will provide “flexible funding” and strategic support – both from FTX and its network of global partners.
The fund’s core mission is advancing global blockchain and Web3 adoption, with “a broad investment mandate across social, gaming, fintech, software, and healthcare.”
It will launch with a team of eight, said the company, including General Partner Ramnik Arora and Advisor Armani Ferrante.
FTX Ventures will be led by crypto investor Amy Wu, hired specifically for this role, as well as to lead gaming, mergers and acquisitions, and commercial activities. She's also a Partner at multi-stage venture fund Lightspeed Venture Partners, where she leads crypto and gaming investments, including the fund's investment in FTX. Before that, she was an executive at global media company Discovery, Inc.
Per Wu, “[w]ith 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."
Wu was further cited by The Wall Street Journal, stating that the fund’s large size will enable it to flexibly invest across startup stages, “with check sizes that could range from as little as USD 100,000 to hundreds of millions of dollars.”
As reported, back in July, FTX was valued almost 20 times more in an investment round, one of the largest raises in the crypto industry. The operator of the exchange, FTX Trading Ltd., said it closed
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