FTX, a cryptocurrency exchange, has revealed the formation of FTX Ventures, a $2 billion startup capital fund.

As per the crypto exchange’s official statement, FTX has recruited Amy Wu, a former associate at Lightspeed and a senior executive at Discovery, Inc., to manage the investment initiative focused on financing in top Web3 schemes.

FTX Ventures will engage in Web3 teams across a wide range of industries, including social, gaming, banking, software, and healthcare, as part of its “”primary goal”” to accelerate global blockchain acceptance.

“”Our 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,”” said Sam Bankman-Fried, founder and CEO of FTX.

FTX Ventures will use flexible capital and strategic assistance from FTX and its network of collaborators to invest in multi-stage enterprises and projects.

As per the statement released, FTX Ventures will launch with an eight-person team, including Ramnik Arora as a general director and Armani Ferrante as a consultant.

“”I am thrilled to be joining FTX to work alongside Sam and some of the smartest people disrupting the financial services industry. With FTX Ventures, we are looking to support entrepreneurs building generational businesses,”” said Wu, who was chosen to lead FTX Ventures, gaming, and commercial initiatives.

“We’re particularly excited about Web3 gaming and its ability to bring mainstream audiences into the ecosystem,” she added.

As per the statement released, FTX Ventures will launch with an eight-person team, including Ramnik Arora as a general director and Armani Ferrante as a consultant.

Wu joins FTX from Lightspeed Venture Partners, a multi-stage startup firm with over $10 billion in assets under management, where she oversaw crypto and gaming initiatives, including the company’s investment in FTX.

With the introduction of its investing arm, FTX joins the ranks of other prominent crypto exchanges that have previously launched global venture capital funds, such as Binance, Coinbase, and Kraken.

Leave a Reply

Your email address will not be published. Required fields are marked *

oZone News Instagram

AllEscort