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FTX, one of the largest cryptocurrency exchange platforms globally, is setting up a $1 billion fund directed towards improving humanity. The fund will be used to support the potential projects that can boost the long-term prospects of humanity.
A $1B philanthropic fund by FTX
The $1B fund to be developed by FTX is dubbed the “Future Fund” and will be part of the FTX Foundation. At least $100 million will be invested this year out of this fund. However, the entire $1 billion could also be invested if enough projects meet the requirements.
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FTX is targeting projects with the potential to “massively scale.” It is also looking for projects that are involved in artificial intelligence (AI), combat the threat of biochemical disasters and halt global poverty.
In its announcement on Monday, FTX said,
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.
Projects that want to be considered for this funding have been given until March 21 to submit their applications. Non-profit organizations and those operating for profits will also be considered if they have a mission that aligns with FTX.
The FTX exchange has been involved in active donations that will allow it to push further with its philanthropic efforts. Recently, the CEO of FTX, Sam Bankman-Fried, said that the exchange would deposit $25 to the accounts of Ukrainian users.
FTX as a leading exchange
FTX is popular as both a derivatives exchange and a cryptocurrency exchange. It ranks second after Binance in terms of the 24-hour futures volume. Trading crypto derivatives is quite different from spot trading. Through derivatives traders, traders can buy and sell contracts that predict the future price of cryptocurrencies.
Bankman-Fried has become one of the most popular people in the cryptocurrency community. In 2021, he was ranked by Forbes as the richest 21-year old with a valuation of $22.5 billion. He has also appeared severally for congressional hearings on cryptocurrency matters.