Cryptocurrency exchange FTX, founded by Sam Bankman-Fried, announced that it has launched its new venture “FTX Ventures” by adding private equity for cryptocurrency investments.
In a statement, the exchange stated that FTX Ventures aims to advance adoption in social, gaming, fintech, software and web3.
Stating that it has allocated $ 2 billion for the new venture fund, FTX stated that it has hired Amy Wu, the former partner of the venture capital firm Lightspeed, to manage the fund in question.
Stating that the said venture fund will make strategic investments in companies in the crypto field, Amy Wu continued her words as follows:
“The goal is to accelerate the adoption of blockchain technology. We want to be recognized for the added value we bring by leveraging FTX’s resources, expertise and global network.”
Amy Wu, the leader of FTX Ventures, added that she will still continue to work as a venture partner at Lightspeed.
Like FTX, Coinbase, one of the leading cryptocurrency exchanges, announced that it has set up its own venture fund in 2018.
*Not investment advice.