FTX Ventures Targets Crypto Startups with a $2B Fund

Crypto Startups

FTX cryptocurrency exchange has unveiled a $2 billion venture capital that would invest in startups across the sector through its venture arm.

The Fund’s manager, Amy Wu, says that eligible cryptocurrency startups would benefit from amounts starting from $100,000.

The fund targets firms developing gaming, insurance, and security projects in the cryptocurrency space.

Wu notes that the Fund would be fully deployed by next year, depending on the available market opportunities.

FTX appointed Amy Wu, who served at Lightspeed Venture Partners, at the beginning of the year to head mergers, acquisitions, and gaming initiatives.

FTX, currently valued at $25 billion, had earlier made investments in companies like Faraway and DriveWealth Holdings before launching FTX Ventures.

Binance is another exchange expanding its venture unit, Binance Labs, having committed about $1 billion towards crypto startups.

Source: The Wall Street Journal

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