FTX has established a $2 billion venture capital fund to invest in innovative cryptocurrency ventures.
The US exchange’s latest venture, dubbed FTX Ventures, promises to invest sums ranging from $100,000 to hundreds of millions of dollars in specific blockchain and cryptocurrency businesses.
The Wall Street Journal originally reported the news on January 14th, stating that FTX Ventures would be one of the biggest bitcoin venture capital firms.
According to the report, the exchange’s founder and CEO – Sam Bankman-Fried – provided the whole $2 billion cash.
FTX Ventures intends to invest in emerging crypto protocols, with financing ranging from $100,000 to “hundreds of millions of dollars.”
Amy Wu, a former Lightspeed Venture Partners executive, will lead the new venture. She said that the group might use all monies by 2023, depending on market prospects.
Wu singled highlighted bitcoin gaming firms, as well as NFT protocols, insurance, and security goods, as being especially interesting.
With the debut of FTX Ventures, the US exchange joins the ranks of Binance and Coinbase in offering dedicated investment options for new companies.
FTX has seen rapid growth, including a 500% volume rise in Q3 2021, thanks to a series of recent relationships with big US-based institutions, such as Cal Athletics.
Separately, notable figures such as NBA star Steph Curry and NFL quarterback Tom Brady became advocates for the brand.
Earlier today, CryptoPotato stated that the exchange plans to begin offering stock trading services in the United States in the near future.
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