Crypto exchange FTX is launching a $2 billion venture fund to support crypto and Web3 projects.
The move was announced in a blog post penned by FTX CEO Sam Bankman-Fried, Ramnik Arora, the exchange’s head of product, and Amy Wu, the new head of FTX Ventures.
The executives say they want to “make things easy for builders.”
“Our first $2B fund will be flexible capital where we can invest in equity and/or tokens, at any check size and stage.
We measure time horizons in decades. We don’t mind if you’re anon. We won’t ask you to present in front of an investment committee.
We’re excited about crypto. We believe digital assets and blockchain technology can reshape our world in the next few decades. Some sectors we’re excited about are gaming, social, software, fintech, and healthcare.
We will also occasionally invest outside of crypto.”
Bankman-Fried says on Twitter he hopes FTX’s new fund will help other crypto entrepreneurs avoid some of the pitfalls he encountered with traditional venture capital firms.
“As a founder, it’s important to support other founders creating great companies. Hopefully, this will allow us to do that a lot more.”
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