Amy Wu, partner at the venture capital fund Lightspeed, has been tapped to lead the $2 billion fund.
Key Takeaways
- Sam Bankman-Fried’s FTX crypto exchange announced today the launch of its venture capital fund, FTX Ventures.
- FTX Ventures will launch with $2 billion in assets under management and will focus on the digital assets space.
- FTX is no stranger to funding initiatives in the crypto space.
FTX has launched a $2 billion venture fund called FTX Ventures. The fund will focus on backing Web3 teams building projects in social media, gaming, fintech, and healthcare.
FTX Ventures: “For Builders, By Builders”
Sam Bankman-Fried, the 29-year-old billionaire CEO of FTX, has relieved his deepening pockets of some cash, for now.
FTX, one of the largest cryptocurrency exchanges in the world, announced the launch of FTX Ventures today. The fund will launch with $2 billion in assets under management that will be allocated to teams building within the sphere of blockchain and Web3 technology.
FTX Ventures will invest in companies at various stages working on disparate projects, as well as provide strategic support by leveraging FTX’s extensive network. The fund, which will be led by a team of eight upon its inception, will be headed by Amy Wu, a former Partner at Lightspeed Venture Partners who focused on the firm’s gaming and crypto investments. Lightspeed is a venture capital fund with over $10 billion in assets under management, including investments in FTX.
On the announcement, Wu had high praise for Bankman-Fried and others at FTX, calling them “some of the smartest people disrupting the financial services industry.” She also said that FTX Ventures will seek “to support entrepreneurs building generational businesses,” placing a special emphasis on “Web3 gaming and its ability to bring mainstream audiences into the ecosystem.” The fund will also prioritize projects in social media, fintech, and healthcare.
Sam Bankman-Fried has built his fortune largely through FTX, which achieved an $18 billion valuation last July during a $900 million raise. Though FTX Ventures proper has only been announced today, it is far from the first time FTX itself has invested in projects in the digital assets space. Just one notable example occurred in November 2021 when the exchange participated in a $100 million funding initiative in partnership with Solana Ventures and Lightspeed Venture Partners in order to launch a Web3 gaming fund.
This $2 billion fund nears the largest crypto fund ever, behind Paradigm’s record-setting $2.5 billion crypto fund announced last November.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
Paradigm Launches a Record $2.5B Crypto Fund
Paradigm has unveiled the largest-ever crypto fund totaling $2.5 billion. The team said the new capital would be allocated toward emerging Web3 projects. Paradigm Announces Paradigm One Paradigm, a San…
FTX Raises $900 Million and Hits $18 Billion Valuation
FTX, a major cryptocurrency exchange and crypto futures trading platform, has raised $900 million in a new funding round. Funding Round Attracts Top Investors The Series B funding round brought…
Web3 – What it is, What it Means, and How We’ll Transition
We are at the dawn of a new era of the internet. Bit by bit, this new digital world, and all that it enables, will slowly become a part of…
Solana Ventures, FTX, Lightspeed Venture Partners Launch $100M Web3 Ga…
Solana Ventures, Lightspeed Venture Partners, and FTX have announced a joint $100 million initiative that will focus on blockchain gaming. $100M Crypto Gaming Fund Announced As crypto gaming looks set…
Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here
Vintage Christmas Wall Art Print, Santa Reading Book Poster, Rustic Christmas Wall Art, Christmas Painting Print Decor, Christmas Decor, Winter Print (8x10inches-Print-Unframed, Christmas Tree)
$5.99 (as of December 24, 2024 19:13 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Apple iPad (10.2-inch, Wi-Fi, 32GB) - Gold (Latest Model, 8th Generation) (Renewed)
$165.00 (as of December 24, 2024 19:13 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Frito Lay Backyard Barbecue Mix Variety Pack, (Pack of 40)
$26.00 (as of December 24, 2024 19:13 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
HOTOR Trunk Organizer for Car - Car Organizer, Foldable Trunk organizer for SUVs & Sedans, Sturdy Car Organization for Car Accessories, Tools, Sundries, Beige, 2 Compartments, 21.3"×12.6"×10.6"
$24.99 (as of December 24, 2024 19:13 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
