Business

Bahamas-based FTX launches $2 billion venture capital fund

Bahamas-based FTX Trading Limited recently announced the launch of a $2 billion venture capital fund, seeking to back the “world’s best teams building in the digital asset ecosystem”, a statement on the fund revealed.

The fund, called FTX Ventures, has as its core mission the advancement of global blockchain and web3 adoption in the areas of social networks, gaming, fintech, software and healthcare.

“The fund will invest in multi-stage companies and projects, providing flexible funding and strategic support from FTX and its network of global partners,” the statement noted.

FTX owner Sam Bankman-Fried said in the statement that those who have invested in his company have greatly impacted its growth and development and he is poised to pay it forward.

“We strive to do the same at FTX Ventures and are excited to find the brightest minds and disruptive innovation in tech,” said Bankman-Fried.

FTX has chosen crypto investor Amy Wu to lead FTX Ventures gaming, mergers and acquisitions and commercial initiatives.

According to the statement, Wu was “most recently a partner at Lightspeed Venture Partners, a $10 billion-plus, multi-stage venture fund, where she led crypto and gaming investments, including the fund’s investment in FTX”.

“She was previously an executive at Discovery, Inc., a global media company, where she led operations and finance across Asian markets, digital businesses, and sports,” the statement noted.

Wu said in the statement that Bankman-Fried is one of the smartest people “disrupting the financial services industry”.

“With FTX Ventures, we are looking to support entrepreneurs building generational businesses,” she said.

“We’re particularly excited about web3 gaming and its ability to bring mainstream audiences into the ecosystem.”

The statement said FTX Ventures will launch with a team of eight people.

The company most recently donated $1.1 million to farming initiatives in The Bahamas and has plans to complete a $50 million to $60 million campus in western New Providence in the next three years.

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Chester Robards

Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian. Education: Florida International University, BS in Journalism

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