Crypto exchange FTX is launching a $2 billion venture capital fund

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Crypto exchange FTX is launching a $2 billion venture capital fund
Sam Bankman-Fried co-founded the crypto exchange FTX in 2019.FTX
  • FTX is launching a $2 billion venture fund that will focus on advancing global blockchain and Web3 adoption.
  • The fund, called FTX Ventures, will be helmed by Amy Wu, who was most recently a partner at Lightspeed Venture Partners.

Crypto exchange FTX is launching a $2 billion venture fund that will focus on advancing global blockchain and Web3 adoption, according to an announcement Friday.

FTX Ventures will focus on a broad range of investment themes across social, gaming, fintech, software, and healthcare in multi-stage companies.

The fund will be helmed by Amy Wu, who was most recently a partner at Lightspeed Venture Partners, a $10 billion venture fund where she led crypto and gaming investments, including the fund's investment in FTX. Wu will also lead the gaming, merger and acquisitions, and commercial initiatives of FTX.

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Wu will be overseeing a team of eight, including General Partner Ramnik Arora and Advisor Armani Ferrante, and will be based in the Bahamas. She will remain a venture partner at Lightspeed.

"In my career, I've always followed people I was inspired by," Wu said in a tweet Friday. "This year, as I worked closely with the FTX team after we invested at [Lightspeed], it became obvious [Sam Bankman-Fried] was the extraordinary CEO to follow."

Crypto exchange FTX is launching a $2 billion venture capital fund
Ramnik Arora, head of product at FTX, Amy Wu, head of FTX Ventures, and Sam Bankman-Fried, founder of FTX.Amy Wu's Twitter account

Wu told The Wall Street Journal, which first reported the news, that the fund will invest funds as it sees fit.

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"We could possibly deploy it all next year but it depends on the opportunities we see in the market," she told WSJ.

FTX, which most recently was valued at $25 billion, made more than a dozen investments in startups before it launched FTX Ventures.

The newest fund joins the ranks of other crypto firms including Coinbase Global and Binance to invest in digital asset startups.

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