By Nathan Ferguson
FTX – a well-known exchange of cryptocurrency – recently declared that it will initiate a venture capital-based fund (called FTX Ventures) of nearly $2 billion. As per the official declaration made on the behalf of FTX, the crypto exchange has appointed Amy Wu (a former executive at Discovery, Inc., and Lightspeed) to front-run the latest fund centered on supporting the prominent projects for making advancement in Web3.
A wide investment mandate
With the chief objective of making further advancements in blockchain adoption, the focus of FTX Ventures will be on investments in groups developing Web3 to cover a broad series of sectors such as healthcare, software, fintech, gaming, and social media. The CEO and founder of FTX, Sam Bankman-Fried, stated that the investors thereof have played a vital role in supporting the development and growth of the platform.
He added that the same would be kept in mind while dealing with FTX Ventures. In his words, the investors are enthusiastic about the new evolution in technology as well as the inclusion of the brightest minds in the industry.
While supporting multi-stage projects and companies, strategic support and flexible funding would be provided by FTX as well as the group of its collaborators to the FTX Ventures. As per the declaration, the start of FTX Ventures will take account of a group of eight in which Armani Ferrante (being an advisor) and Ramnik Arora (being a general collaborator) will be included along with the others.
Thoroughly fascinated by Web3 gaming
Amy Wu (the person selected to front-run the FTX Ventures) stated that she was much excited about joining forces with FTX and operating parallel to Sam as well as the rest of the smartest persons elevating the industry of financial services. She moved on to express her aspiration that they would pursue support from entrepreneurs constructing generational businesses. The specific reason for her excitement turned out to be Web3 gaming as well as the capability thereof to enrich the ecosystem with mainstream audiences.
Wu enters the unique role provided by Lightspeed Venture Partners (known as a venture fund of multi-stages with having more than $10 billion worth in AUM) and drives gaming and crypto investments along with fund’s investments for FTX. With the initiation of its investment branch, the rest of the prominent crypto exchanges like Kraken, Coinbase, and Binance also support FTX as they have in advance launched their international funds for venture capital.