Crypto Change FTX Establishes $2B Fund to Put money into Crypto Startups

Crypto derivatives alternate FTX has arrange a $2 billion fund to put money into crypto-industry startups, the Wall Avenue Journal reported, citing Amy Wu, who heads the fund. Wu later confirmed the transfer in a tweet.

  • FTX Ventures is likely one of the {industry}’s largest funds, the report stated. The total funding got here from FTX and its founder, Sam Bankman-Fried. Investments might be as little as $100,000 and as excessive as lots of of tens of millions of {dollars}.
  • Wu, who joined FTX this month from Lightspeed Enterprise Companions, stated the fund may deploy all the funds by subsequent yr, however that will depend on the alternatives that FTX sees available in the market. In October, FTX raised $420.7 million and was valued at $25 billion.
  • Wu advised the Journal she is especially curious about crypto gaming corporations, in addition to insurance coverage and safety merchandise.
  • FTX Ventures joins funds arrange by different crypto exchanges equivalent to Binance Labs and Coinbase Ventures, each of which have been in existence for a number of years.
  • Crypto-related funds have boomed up to now yr as cryptocurrency costs rallied. In November, Paradigm launched a $2.5 billion fund, the most important within the crypto {industry}.

UPDATE (Jan. 14, 13:05 UTC): Provides fifth bullet level.

UPDATE (Jan. 14, 13:50 UTC): Provides particulars in first, second bullet factors, largest crypto fund in fifth bullet.

UPDATE (Jan. 14, 13:59 UTC): Provides Wu tweet.

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