2 billion dollars to establish itself in the industry
The FTX Platform and its CEO Sam Bankman-Fried are known for large scale operations. Latest initiative: FTX Ventures. This new FTX investment fund will begin operations with no less than $2 billion.
FTX Ventures will be led by Amy Wu, a former partner at the $10 billion venture capital firm Lightspeed.
It was Amy Wu who revealed the existence of FTX Ventures on Twitter:
1/ Sharing a life update! I’m thrilled to join @FTX_Official to lead FTX Ventures, gaming, and commercial initiatives reporting to @SBF_FTX, in the company’s next chapter as a leading global financial services and web3 company.https://t.co/02uSg9e7g1
— Amy Wu (@amytongwu) January 14, 2022
In an interview granted to our colleagues from The Block, Amy Wu specifies that FTX Ventures will concentrate its investments in Web 3.0 games and applications.
It also discusses blockchain infrastructures (layer 1 and layer 2) and cross-chain protocols, as well as wallets for paying for purchases with cryptocurrencies.
Finally, still with the idea of diversifying its investments as much as possible, FTX Ventures also plans to invest in insurance and security products.
Future investments by FTX Ventures are highly likely to greatly benefit the development of the FTX platform ecosystem, as the two entities are closely intertwined:
“We want to be known for the added value we provide, leveraging FTX’s resources, expertise and global network,” she added.
FTX Ventures now sits alongside funds established by its competitors, such as Binance Labs and Coinbase Ventures by Coinbase.
Moreover, although the seed capital of FTX Ventures is beyond comprehension, it doesn’t come close to Paradigm, which launched a $2.5 billion investment fund last November.
👉 To go further – FTX will spend several million dollars to offer itself an advertisement during the Super Bowl
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