New FTX fund targets projects that are “massively scalable” and could spend millions of dollars productively.
Global crypto exchange platform FTX launched a fund called the FTX Future Fund with an aim to support long-term improvements for humankind. The project will deploy up to a billion dollars to support projects focusing on safe artificial intelligence development, reducing biorisk dangers, effective altruism and more.
According to the announcement, the team will support both non-profit and for-profit ventures as long as it aligns with the fund’s mission such as protecting future generations by addressing issues such as poverty and environmental problems. The fund also aims to look for projects pushing technological progress forward.
The firm also underscores that it’s looking to fund projects that are “massively scalable.” It defined this as “projects that could grow to productively spend tens or hundreds of millions of dollars per year.”
1/ We're thrilled to announce the FTX Foundation's Future Fund. We make grants and investments to ambitious projects to improve humanity's long-term prospects.
We plan to deploy >$100M this year, and potentially a lot more (in principle up to $1B).https://t.co/kIWdm48LZ4
— Future Fund (@ftxfuturefund) February 28, 2022
The project is funded primarily by billionaire and FTX CEO Sam Bankman-Fried. Some of the significant contributors are Caroline Ellison, Gary Wang, and Nishad Singh. Moreover, FTX Foundation CEO Nick Beckstead will lead the team, including Leopold Aschenbrenner, William MacAskill and Ketan Ramakrishnan.
Along with the call for applications, FTX also announced a regranting program that targets independent grantmakers. Additionally, the team mentioned that they will hold a competition for project ideas.
Related: Cambridge University launches crypto research project with IMF and BIS
In light of recent events concerning the crisis in Ukraine, Sam Bankman-Fried also recently shared his perspectives on the Bitcoin (BTC) market. According to Bankman-Fried, the ongoing European destabilization may lead to people looking for alternatives, making BTC an attractive option.
Back in January, the FTX branch in the United States closed a $400 million funding round leading to a valuation of $8 billion. The fund will be used to expand the company’s workforce in the U.S. and expand the offerings of the business.
