Cryptocurrency FTX Foundation, the philanthropic fund of exchange FTX, recently announced its new initiative called “Future Fund”.
It was stated that with the new fund, organizations working on projects that will create the future of humanity will be supported.
Among the projects to be supported are themes such as the development of artificial intelligence, economic growth, improved power relations and countermeasures against devastating biological risks.
FTX Announces “Future Fund”
Cryptocurrency exchange FTX announced its new charity fund in its blog post. In the said share, 37 different areas that the company is related to in terms of financing were announced.
Some of the fields have ambitious goals, such as addressing “demographic decline” and developing alternative voting systems.
However, the company also stated that the list in question is not fully detailed and definitive.
The company encouraged readers to submit their own ideas and announced that applications must be submitted before March 21 to be considered in the first funding round.
The fund plans to distribute at least $100 million in support to designated projects this year.
However, the company explained that this support could potentially reach up to $1 billion if enough ideas manage to impress them.
This amount corresponds to approximately 2.5 times the revenue that FTX received in its last funding round.
This Fund Is Not Entirely Charitable
Despite this, it would be wrong to say that the fund in question will be distributed entirely for charitable purposes.
FTX states it will invest in both for-profits and nonprofits, and is particularly interested in “massive scalable projects” that can spend over $100 million annually.
Technology startups are cited as examples of such scalable projects.