The cryptocurrency exchange, FTX, has announced the opening of its new venture capital fund, FTX Ventures. The $2 billion venture fund will support Web3 teams working on software, gaming, financial, and healthcare ventures.
Amy Wu has been appointed as the new fund’s manager by the Sam Bankman-Fried headed exchange.
With $2 billion in assets under management, the new fund is off to a good start. These will be distributed to teams developing Web3 projects or working in the blockchain field. The fund will invest in initiatives at various stages of development while also leveraging FTX’s wide network to provide any strategic help that the projects may require at any time during their development.
FTX Ventures is on the verge of surpassing Paradigm’s $2.5 billion crypto fund, which was unveiled in November.
Sam Bankman-Fried, speaking about the fund, said,
“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.”
Amy Wu, a former partner at Lightspeed Venture Partners, has been hired by Bankman-Fried to manage the fund’s team. Lightspeed’s crypto and gaming investments drew Wu’s attention. Bankman-Fried and others at the exchange were praised by her, who described them as among of the smartest people revolutionizing the financial services business.
Miss Wu had this to say about the announcement:
“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. We’re particularly excited about web3 gaming and its ability to bring mainstream audiences into the ecosystem.”
When the company raised $900 million in July, it was valued at $18 billion. FTX Ventures is no stranger to investing in the digital assets area, having already invested in a number of initiatives. In November 2021, FTX took part in a $100 million funding drive, which was one of its most prominent investments. The Web3 gaming fund was launched with the help of FTX in collaboration with Solana Ventures and Lightspeed Venture Partners.