thecoinrepublic.com
- The popular global crypto exchange platform, FTX, will launch a fund called “FTX Future Fund”. It aims to help fund the projects that work for long-term improvements for humankind.
- The announcement stated that the projects would be investing up to a billion dollars. It further says that the funds will be used to support projects that practice safe artificial intelligence development.
- The project will also not discriminate between the nonprofit and profit organization until it aligns with the fund’s mission.
FTX, a global crypto exchange platform, launched a fund called the FTX Future Fund. The platform’s goal with the fund is to aid the long-term improvements for humankind.
As per the announcement, the revolutionary project will be investing up to a billion dollars for backing the projects that take into account safe artificial intelligence development in the creation process, lowering biorisk dangers, effective altruism, and much more.
Interestingly, the platform will support both nonprofit and for-profit organizations on the condition that it tallies with the fund’s mission, for example, protecting future generations by addressing problems like poverty and environmental impact. The fund also would be supporting organizations that will be working towards technological improvement and progress.
The firm also highlighted that it would be supporting projects that are highly scalable. According to the firms, by “massively scalable,” they mean projects capable of spending tens or hundreds of millions of dollars per year.
1/ We're thrilled to announce the FTX Foundation's Future Fund. We make grants and investments to ambitious projects to improve humanity's long-term prospects.
— Future Fund (@ftxfuturefund) February 28, 2022
We plan to deploy >$100M this year, and potentially a lot more (in principle up to $1B).https://t.co/kIWdm48LZ4
Billionaires such as FTX CEO, Sam Bnakman-Fried, have primarily funded the project. Other significant contributors are Gary Wang, Caroline Ellison, and Nishad Singh. Besides, the team will be led by Nick Beckstead, the CEO of FTX Foundation. Leopold Aschenbrenner, William MacAskill, and Ketan Ramakrishnan will also be part of the team.
FTX Also Plans To Launch A Platform That Targets “Independent Grantmakers”
FTX, along with the call for the invitation, also disclosed its plan to introduce a regranting program. It also mentions “independent grantmakers” as its target audience. In addition, the team also announced that it would have a competition for project ideas.
Meanwhile, Sam Bankman-Fried also shared his stance regarding the impact on Bitcoin due to the ongoing Russian-Ukraine crisis. Bankman-fried believes that because of the European destabilization, many will look for an alternative for their financial needs, consequently making Bitcoin a lucrative option.
After closing a $400 million funding round in January, the FTX branch in the US recorded a valuation of $8 billion. The company’s workforce in the US will be expanded using the funds.