Sam Bankman-Fried’s FTX launches a new venture capital, raising billions of dollars in new capital, with Amy Wu — a former partner at Lightspeed leading the new venture.
FTX, which has long invested with subsidiary Alameda said in a press release that FTX Ventures aims to “Global blockchain and web 3 adoption with extensive investments in social, gaming, fintech, software and healthcare.”
FTX has allocated $2 billion for venture capital funds. It also hired Amy Wu, a former partner at $10 billion venture capital firm Lightspeed, to lead the new fund.
In an interview with The Block, Wu said the funds will be used to build strategies and focus on companies in the crypto market.
“We want to be known for the value we bring. Leveraging FTX’s resources, expertise, and global network,” she added.
Wu, who joined FTX this month from Lightspeed Venture Partners, said the fund could use all of its funding by next year. But that depends on the opportunities FTX sees in the market.
Wu said she is particularly interested in crypto gaming companies, as well as insurance and security products.
FTX Ventures It is one of the largest funds in the industry. All of the funding comes from FTX and founder Sam Bankman-Fried, where investments can be as low as $100,000 and up to hundreds of millions of dollars.
Cryptocurrency-related funds have grown rapidly in the past year. due to rising cryptocurrency prices In November, Paradigm and a16z launched a new venture fund last year.
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