After a record year for crypto funding deals, one of the world’s busiest cryptocurrency exchanges, FTX Trading, announced on Friday that it has launched a $2 billion crypto-focused venture capital fund, making it the latest megafund Which promises to bury billions of dollars. Startups in the nascent crypto space.
Dubbed FTX Ventures, the Fund Will invest in cryptocurrency startups across the globe and at all stages with a broad focus in the social, gaming, fintech, software and healthcare industries.
Founded in 2017 by billionaire Sam Bankman-Fried, FTX has tapped crypto investor Amy Wu, a former partner at $10 billion investment firm Lightspeed Ventures, to head the fund and lead its eight-person team.
In a statement, Wu said that he is “particularly excited about Web3 gaming” and its potential to enter mainstream entertainment; She has previously led multi-million-dollar investments in blockchain software company Alchemy and crypto-gaming studio Faraway.
Wu said the fund, which has yet to announce any investments, will write checks ranging from $100,000 to hundreds of millions of dollars.