Home » FTX creates a $2 billion fund to invest in Web 3.0 games and applications

FTX creates a $2 billion fund to invest in Web 3.0 games and applications

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The FTX platform has just unveiled its new venture capital unit, FTX Ventures. Led by Amy Wu and with a starting capital of $2 billion, this fund will invest in blockchain startups and more specifically in Web 3.0 games and consumer applications.

$2 billion to break into the industry

The FTX platform and its CEO Sam Bankman-Fried are known for large-scale operations. The latest initiative is FTX Ventures. This new investment fund of FTX will start its operations with no less than 2 billion dollars.

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:

In an interview with The Block, Amy Wu says FTX Ventures will focus its investments on Web 3.0 games and applications.

She also mentions blockchain infrastructures (layer 1 and layer 2) and cross-chain protocols, as well as wallets allowing purchases to be made 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.

FTX Ventures’ future investments are likely to greatly benefit the development of the FTX platform ecosystem, as the two entities are closely linked:

We want to be known for the value we add, leveraging FTX’s resources, expertise and global network,” she added.

FTX Ventures now sits alongside funds established by its competitors, such as Binance Labs from Binance and Coinbase Ventures from Coinbase.

Indeed, while FTX Ventures’ seed capital is beyond belief, it is no match for Paradigm, which launched a $2.5 billion investment fund last November.

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