THELOGICALINDIAN - Amy Wu accomplice at the adventure basic armamentarium Lightspeed has been broke to advance the 2 billion armamentarium
FTX has launched a $2 billion adventure armamentarium alleged FTX Ventures. The armamentarium will focus on abetment Web3 teams architecture projects in amusing media, gaming, fintech, and healthcare.
FTX Ventures: “For Builders, By Builders”
Sam Bankman-Fried, the 29-year-old billionaire CEO of FTX, has adequate his deepening pockets of some cash, for now.
FTX, one of the better cryptocurrency exchanges in the world, announced the barrage of FTX Ventures today. The armamentarium will barrage with $2 billion in assets beneath administration that will be allocated to teams architecture aural the apple of blockchain and Web3 technology.
FTX Ventures will advance in companies at assorted stages alive on disparate projects, as able-bodied as accommodate cardinal abutment by leveraging FTX’s all-encompassing network. The fund, which will be led by a aggregation of eight aloft its inception, will be headed by Amy Wu, a above Partner at Lightspeed Adventure Partners who focused on the firm’s gaming and crypto investments. Lightspeed is a adventure basic armamentarium with over $10 billion in assets beneath management, including investments in FTX.
On the announcement, Wu had aerial acclaim for Bankman-Fried and others at FTX, calling them “some of the smartest bodies abolition the banking casework industry.” She additionally said that FTX Ventures will seek “to abutment entrepreneurs architecture generational businesses,” agreement a appropriate accent on “Web3 gaming and its adeptness to accompany boilerplate audiences into the ecosystem.” The armamentarium will additionally accent projects in amusing media, fintech, and healthcare.
Sam Bankman-Fried has congenital his affluence abundantly through FTX, which accomplished an $18 billion appraisal aftermost July during a $900 actor raise. Though FTX Ventures able has alone been appear today, it is far from the aboriginal time FTX itself has invested in projects in the agenda assets space. Just one notable archetype occurred in November 2021 back the barter participated in a $100 actor allotment action in affiliation with Solana Ventures and Lightspeed Venture Partners in adjustment to barrage a Web3 gaming fund.
This $2 billion armamentarium nears the better crypto armamentarium ever, abaft Paradigm’s record-setting $2.5 billion crypto armamentarium announced aftermost November.
Disclosure: At the time of writing, the columnist of this allotment endemic BTC, ETH, and several added cryptocurrencies.
