cryptoknowmics.com
Cryptocurrency exchange FTX has launched a $1 billion philanthropic fund, an investment fund that incubates tasks 'for the long-term development of humanity.'
FTX Has Set Up a Philanthropic Fund
FTX's 'Future Fund,' will invest at least $100 million this year but has the potential to invest upto $1 billion depending on how many opportunities the company finds.
“We plan to distribute at least $100M this year, and potentially a lot more, depending on how many outstanding opportunities we find. In principle, we’d be able to deploy up to $1B this year,” the announcement post reads.
The fund falls under FTX Foundation, a philanthropic organization funded by FTX CEO Sam Bankman-Fried with major contributions from Alameda Research’s Co-CEO Caroline Ellison, FTX Co-founder and Chief Technology Officer Gary Wang, and FTX’s Head of Engineering Nishad Singh.
“Our areas of interest include the safe development of artificial intelligence, reducing catastrophic biorisk, improving institutions, economic growth, great power relations, effective altruism, and more.’, the company added in its announcement.
Crypto Whale Who Gives Away Billions to Charity
Despite his enormous wealth, FTX CEO Sam Bankman-Fried (SBF) is increasingly focused on philanthropy.
“When Sam was 20 years old, he set out to make as much money as he could, in order to give away everything he earned to charity,” the company's recent statement added.
Just last week, SBF gave away $25 to every Ukrainian registered on its platform after the country’s central bank temporarily suspended its currency market and limited withdrawals. https://twitter.com/SBF_FTX/status/1496980981617946624 To date, FTX has set aside over $18 million for charity including $8.7 million of user contributions and $9.5 million from user fees.