FTX, a number one digital asset buying and selling platform, has launched a brand new $2 billion funding fund with the intention of rising world blockchain adoption and supporting corporations from a variety of fields, together with “gaming, fintech, software program, and healthcare.”

Key takeaways:

  • The brand new enterprise fund, known as FTX Ventures, isn’t FTX’s first enterprise operation – the change’s sister firm Alameda has lengthy been making sizeable investments within the house and is without doubt one of the extra distinguished crypto-focused traders.
  • In response to the corporate’s press launch, the brand new $2 billion funding unit might be helmed by Amy Wu, who brings intensive expertise from her position as a associate at a $10 billion VC agency Lightspeed.
  • Chatting with The Block, Wu commented that the brand new fund might be investing in corporations working within the crypto business and that the aim is “to speed up the adoption of blockchain know-how.” 
  • The capital for FTX Ventures reportedly got here solely from the change itself and from its billionaire founder Sam Bankman-Fried. The fund might be writing checks of all sizes, ranging from as little as $100,000.
  • Final October, FTX raised more than $420 million in Collection B-1, which elevated the corporate’s worth to $25 billion.
  • FTX joins its important opponents Coinbase and Binance that launched their respective enterprise items, Coinbase Ventures and Binance Labs, a number of years in the past.
  • FTX’s native change token FTT gained 5.78% on the information and set a brand new cycle excessive of $44.04.

Author: Cryptodaddy