The FTX platform has just unveiled its new venture capital unit, FTX Ventures. Led by Amy Wu and with a starting capital of $2 billion, this fund will invest in blockchain startups and more specifically in Web 3.0 games and consumer applications.
2 billion dollars to establish itself in the industry
The FTX platform and its CEO Sam Bankman-Fried are known for large-scale deals. The latest initiative is FTX Ventures. This new investment fund from FTX will begin operations with as much as $2 billion.
FTX Ventures will be led by Amy Wu, a former partner at the $10 billion venture capital firm Lightspeed.
In an interview with our colleagues at The Block, Amy Wu says FTX Ventures will focus its investments in Web 3.0 games and applications.
She also mentions blockchain infrastructures (layer 1 and layer 2) and cross-chain protocols, as well as wallets allowing to pay for purchases with crypto-currencies.
Finally, still with this idea of diversifying its investments as much as possible, FTX Ventures also plans to invest in insurance and security products.
It is highly likely that FTX Ventures’ future investments will greatly benefit the development of the FTX platform ecosystem, as the two entities are closely linked:
“We want to be known for the value we add, leveraging FTX’s resources, expertise and global network,” she added.
FTX Ventures now sits alongside funds established by its competitors, such as Binance Labs of Binance and Coinbase Ventures of Coinbase.
In fact, while FTX Ventures’ seed capital is beyond belief, it is no match for Paradigm, which launched a $2.5 billion investment fund last November.
