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FTX, a cryptocurrency exchange, has launched a venture capital fund with a $2 billion target

FTX, a cryptocurrency exchange, has announced the formation of FTX Ventures, a $2 billion venture capital fund.

According to the crypto exchange’s official release, the exchange has hired Amy Wu. Who’s, a former partner at Lightspeed and a senior executive at Discovery, Inc., to manage the new fund focused on investing in top Web3 initiatives.

More so, FTX Ventures will invest in Web3 teams across a wide range of industries, including social, gaming, banking, software, and healthcare, as part of its “primary goal” to accelerate global blockchain adoption.

“Our investors at FTX have made a deep impact in supporting our growth and development.”

“We strive to do the same at FTX Ventures and are excited to find the brightest minds”

“and disruptive innovation in tech,” said Sam Bankman-Fried, founder and CEO of FTX.

Also, the exchange Ventures will use flexible capital and strategic support from the exchange and its network of partners to invest in multi-stage companies and projects.

According to the press release, FTX Ventures will launch with an eight-person team, including Ramnik Arora as a general partner and Armani Ferrante as an advisor.

“I’m ecstatic to be joining FTX and working with Sam and some of the”

” brightest minds in the financial services business.”

“We want to help entrepreneurs establish generational businesses with FTX Ventures,”

added Wu, who was named to lead FTX Ventures, gaming, and commercial projects.

“We’re particularly excited about Web3 gaming and its ability to bring mainstream audiences into the ecosystem,” she added.

Also, Wu joins the exchange from Lightspeed Venture Partners, a multi-stage venture fund with over $10 billion in assets under management. Which, where she oversaw crypto and gaming investments, including the fund’s investment in FTX.

Lastly, With the introduction of its investing arm. So, the exchange joins the ranks of other prominent crypto exchanges that have previously launched global venture capital funds. Which includes, Binance, Coinbase, and Kraken.

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