{"id":962,"date":"2022-01-14T18:07:42","date_gmt":"2022-01-14T18:07:42","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/01\/14\/cryptocurrency-exchange-operator-ftx-launches-2b-venture-fund\/"},"modified":"2022-01-14T18:07:42","modified_gmt":"2022-01-14T18:07:42","slug":"cryptocurrency-exchange-operator-ftx-launches-2b-venture-fund","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/01\/14\/cryptocurrency-exchange-operator-ftx-launches-2b-venture-fund\/","title":{"rendered":"Cryptocurrency exchange operator FTX launches $2B venture fund"},"content":{"rendered":"

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FTX Trading Ltd., a major cryptocurrency exchange operator, today <\/span>announced<\/span><\/a> that it\u2019s launching a $2 billion venture fund to back companies and projects in the digital asset ecosystem.<\/span><\/p>\n

In a statement, FTX Chief Executive Officer Sam Bankman-Fried said that \u201cour investors at FTX have made a deep impact in supporting our growth and development. We strive to do the same at FTX Ventures and are excited to find the brightest minds and disruptive innovation in tech.\u201d<\/span><\/p>\n

Founded in 2019, FTX is one of the cryptocurrency ecosystem\u2019s most prominent players. The company operates a cryptocurrency exchange of the same name that is among the most popular in the industry.<\/span><\/p>\n

In June 2021, FTX announced that it had raised a $800 million funding round at a $18 billion valuation from SoftBank Group Corp., Sequoia Capital and other investors. At the time, Reuters <\/span>reported<\/span><\/a> that FTX had more than one million users and was processing about $10 billion in trading volume every day.\u00a0<\/span><\/p>\n

The company\u2019s newly launched venture fund is called FTX Ventures and will be led by Amy Wu (pictured), who was previously a Partner at venture capital firm Lightspeed Venture Partners. The Wall Street Journal <\/span>reported<\/span><\/a> today that Wu will also lead FTX\u00a0 initiatives related to mergers and acquisitions, partnerships and the video game market.<\/span><\/p>\n

\u201cI am thrilled to be joining FTX to work alongside Sam and some of the smartest people disrupting the financial services industry,\u201d Wu said. \u201cWith FTX Ventures, we are looking to support entrepreneurs building generational businesses. We\u2019re particularly excited about web3 gaming and its ability to bring mainstream audiences into the ecosystem.\u201d<\/span><\/p>\n

FTX\u00a0 Ventures plans to make investments across several different market segments. The fund\u2019s focus areas will include social media, video games, financial technology, software and healthcare. FTX Ventures intends to back \u201cmulti-stage companies and projects\u201d across the segments where it will make investments.<\/span><\/p>\n

For the teams that it backs, FTX Ventures will provide \u201cflexible funding and strategic support from FTX and its network of global partners,\u201d the company said today.<\/span><\/p>\n

The launch of FTX Ventures will boost the already significant venture activity in the digital asset ecosystem. ConsenSys Software Inc., which provides a cryptocurrency wallet and development tools for building blockchain applications, <\/span>raised $200 million<\/span><\/a> at a $3.2 billion valuation in November. Alchemy Insights Inc., whose platform eases the coding tasks involved in building blockchain applications, reached a $3.5 billion valuation a few weeks earlier after closing a <\/span>$350 million investment<\/span><\/a>.<\/span><\/p>\n

Photo: FTX<\/h5>\n
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