The new FTX fund seeks out ideas that are “massively scalable” and have the potential to spend millions of dollars wisely.
The FTX Future Fund was founded by FTX, a global crypto exchange platform, with the goal of supporting long-term advancements for humanity. Up to a billion dollars will be allocated to initiatives concentrating on safe artificial intelligence development, biorisk reduction, effective altruism, and other topics.
According to the release, the team will support both non-profit and for-profit enterprises as long as they correspond with the fund’s objective, which includes addressing challenges like poverty and environmental issues to protect future generations. The fund also attempts to find projects that advance technological growth.
The firm also emphasises that it is eager to invest “massively scalable” projects. This was defined as “programmes that potentially develop to spend tens or hundreds of millions of dollars per year productively.”
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.
We plan to deploy >$100M this year, and potentially a lot more (in principle up to $1B).https://t.co/kIWdm48LZ4
— Future Fund (@ftxfuturefund) February 28, 2022
Sam Bankman-Fried, a billionaire and the CEO of FTX, is the primary backer of the initiative. Caroline Ellison, Gary Wang, and Nishad Singh are among the notable contributors. In addition, the team will be led by FTX Foundation CEO Nick Beckstead, who will be joined by Leopold Aschenbrenner, William MacAskill, and Ketan Ramakrishnan.
FTX has established a regranting initiative for independent grantmakers in conjunction with the call for submissions. In addition, the team stated that a competition for project ideas will be held.
Sam Bankman-Fried recently gave his thoughts on the Bitcoin (BTC) market in light of current events surrounding the Ukraine situation. The growing European destabilisation, according to Bankman-Fried, may lead to individuals looking for alternatives, making BTC an appealing option.
The FTX branch in the United States finished a $400 million investment round in January, valuing the company at $8 billion. The money will be utilised to grow the company’s workforce in the United States and increase its product offerings.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
