FTX Buying and selling Ltd., a significant cryptocurrency change operator, right this moment announced that it’s launching a $2 billion enterprise fund to again firms and tasks within the digital asset ecosystem.
In a press release, FTX Chief Govt Officer Sam Bankman-Fried mentioned that “our traders at FTX have made a deep impression in supporting our progress and growth. We attempt to do the identical at FTX Ventures.”
Based in 2019, FTX is likely one of the cryptocurrency ecosystem’s most distinguished gamers. The corporate operates a cryptocurrency change of the identical title that’s among the many hottest within the business.
In June 2021, FTX introduced that it had raised an $800 million funding spherical at an $18 billion valuation from SoftBank Group Corp., Sequoia Capital and different traders. On the time, Reuters reported that FTX had greater than 1 million customers and was processing about $10 billion in buying and selling quantity every single day.
The corporate’s newly launched enterprise fund is known as FTX Ventures and shall be led by Amy Wu (pictured), who was beforehand a associate at enterprise capital agency Lightspeed Enterprise Companions. The Wall Road Journal reported right this moment that Wu may even lead FTX initiatives associated to mergers and acquisitions, partnerships and the online game market.
“With FTX Ventures, we wish to assist entrepreneurs constructing generational companies,” Wu mentioned. “We’re notably enthusiastic about web3 gaming and its means to convey mainstream audiences into the ecosystem.”
FTX Ventures plans to make investments throughout a number of totally different market segments. The fund’s focus areas will embrace social media, video video games, monetary expertise, software program and healthcare. FTX Ventures intends to again “multistage firms and tasks” throughout the segments the place it would make investments.
For the groups it backs, FTX Ventures will present “versatile funding and strategic assist from FTX and its community of world companions,” the corporate mentioned right this moment.
The launch of FTX Ventures will enhance the already important enterprise exercise within the digital asset ecosystem. ConsenSys Software program Inc., which offers a cryptocurrency pockets and growth instruments for constructing blockchain functions, raised $200 million at a $3.2 billion valuation in November. Alchemy Insights Inc., whose platform eases the coding duties concerned in constructing blockchain functions, reached a $3.5 billion valuation a couple of weeks earlier after closing a $350 million investment.