Crypto Exchange FTX Announces $100M To Fund Philanthropic Projects

Crypto Exchange FTX Announces $100M To Fund Philanthropic Projects

Table of Contents

The FTX Foundation’s Future Fund will be focused on distributing a minimum of $100 million in 2022 alone to fund scalable projects in different fields. 

Future Fund Announced

In a statement released on Monday, the FTX Foundation announced the launch of the fund, with the stated intention of deploying a minimum of $100 million and a maximum of $1 billion worth of funds this year towards projects focused on developing artificial intelligence, reducing catastrophic biorisk, improving institutions, economic growth, great power relations, effective altruism and more. The idea behind the fund was to establish a philanthropic source to invest in massively scalable projects that could improve humanity’s long-term prospects. The project will be funded primarily by the FTX Foundation and will include major contributions from Caroline Ellison, Gary Wang, and Nishad Singh.

Regranting Program Announced

The team is being led by Nick Beckstead (CEO), Leopold Aschenbrenner, Will MacAskill, and Ketan Ramakrishnan. The announcement also invited individuals and teams (both non-profit and for-profit organizations) interested in launching a project in the areas of interest to apply before March 21 for the first open funding round. 

The statement also announced a Regranting Program, through which discretionary budgets will be offered to independent grantmakers to help projects that have slipped past FTX’s radar. The first cohort of 21 regrantors has already been invited to test the program, and the team is in the process of opening up a public process to find other regrantors. 

The Foundation has also announced a $5000 prize money for new project ideas to add to their existing roster of projects on the website. 

FTX Exploring Other Investment Options

Earlier this year, the FTX crypto exchange had already initiated a new $2 billion venture capital fund called FTX Ventures, focusing on supporting Web3 companies in software, gaming, fintech, and healthcare. The fund, which is to be led by Amy Wu, will invest in projects at different stages of development, with a special focus in the blockchain space. 

Back in November 2021, FTX had partnered with Solana Ventures and Lightspeed Venture Partners to launch a $100 million Web3 gaming fund. More recently, the crypto exchange has turned its sight towards the $300 billion luxury goods market, by seeking partnerships in the market with luxury and high fashion brands. To lead these efforts, FTX has roped in former model-turned beauty entrepreneur Lauren Remington Platt to help navigate the market and lead the exchange’s push.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Investment Disclaimer
Related Topics: 

You may like