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Sam Bankman-FTX Fried’s has introduced a new venture capital division, injecting billions of additional cash into the already bloated underground cryptocurrency investment industry.

With a broad investment mandate across social, gaming, fintech, software, and healthcare, FTX Ventures seeks to “promote global blockchain and web3 adoption,” according to a news statement from the company, which has long invested with sister company Alameda.

$2 billion has been put aside by FTX for the venture fund. Amy Wu, a former partner at the $10 billion venture capital firm Lightspeed, has also been appointed by the company to head the new business unit and fund.

Wu stated that the fund will invest strategically and heavily in businesses in the cryptocurrency space.

It’s not always connected to FTX’s strategy, she noted. The faster deployment of blockchain technology is the main goal.

By utilizing the resources, the knowledge, and the global network of FTX, she continued, “We want to be acknowledged for the value add that we bring.

Businesses in the cryptocurrency industry frequently place bets akin to those of venture capital. In 2018, Coinbase established its own venture arm. Since then, it has used funds from its own balance sheet to invest in hundreds of early-stage cryptocurrency firms. More recently, at the end of last year, NFT infrastructure provider Alchemy revealed its venture arm.

The Block recently noted that 2021 was a scorching year for venture capital investment in the cryptocurrency sector.

In 2021, well over 1,700 venture capital transactions with a crypto-focused focus were made, raising $25.1 billion for related firms, projects, and protocols. Last year, a number of venture firms-including Paradigm and a16z-launched brand-new, multibillion-dollar venture funds.