FTX Establishes $2B Fund to Invest in Crypto Startups

by in Cryptocurrency News

FTX ventures crypto

Cryptocurrency exchange FTX launched a new venture capital to back web3 and crypto startups.

Related: FTX plans to bring its valuation up to $32B

FTX Ventures will be led by Amy Wu, a partner at VC Lightspeed Venture. Previously, in November 2021, Lightspeed in the leadership of Wu, together with FTX and Solana Ventures, launched a $100 M Web3 co-investment fund.

In a tweeter thread published by Wu, the FTX Venture executive said that she'll also lead initiatives of gaming, commerce, and others of FTX Official.

Wu noted that she continues to be a partner and advisor at Lightspeed. She said that previous experience of working with FTX CEO Sam Bankman-Fried showed that he's an extraordinary CEO.

FTX is one of the largest crypto exchanges globally. In December 2021, FTX's valuation reached $32 billion after a funding round of $1.5 bln.

The platform ranks 3rd by trading volume according to data by CoinMarketCap. In the last 24 hours, FTX saw over $2 bln in trades.