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FTX Establishes $2B Fund to Invest in Crypto Startups

bctd.news 14 January 2022 11:31, UTC
Reading time: ~2 m

Cryptocurrency exchange FTX launched a new venture capital to back web3 and crypto startups.

FTX Ventures will be led by Amy Wu, a partner at VC Lightspeed Venture. Previously, in November 2021, Lightspeed in the leadership of Wu, together with FTX and Solana Ventures, launched a $100 M Web3 co-investment fund.

In a tweeter thread published by Wu, the FTX Venture executive said that she'll also lead initiatives of gaming, commerce, and others of FTX Official.

1/ Sharing a life update! I’m thrilled to join @FTX_Official to lead FTX Ventures, gaming, and commercial initiatives reporting to @SBF_FTX, in the company’s next chapter as a leading global financial services and web3 company.https://t.co/02uSg9e7g1

— Amy Wu (@amytongwu) January 14, 2022

Wu noted that she continues to be a partner and advisor at Lightspeed. She said that previous experience of working with FTX CEO Sam Bankman-Fried showed that he's an extraordinary CEO.

FTX is one of the largest crypto exchanges globally. In December 2021, FTX's valuation reached $32 billion after a funding round of $1.5 bln.

The platform ranks 3rd by trading volume according to data by CoinMarketCap. In the last 24 hours, FTX saw over $2 bln in trades.

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