Crypto exchange FTX has launched a fund called the FTX Future Fund, which will be used to support projects that have massive scaling potential.
Initially, the fund will deploy more than $100 million this year, and plans on deploying a lot more in the years to come. In fact, FTX said that it is willing to deploy up to $1 billion for projects that focus on advancing artificial intelligence, reducing biorisk dangers, and more.
The majority of the funding will come from CEO Sam Bankman-Fried. Other significant contributions will be made by Caroline Ellison, Gary Wang, and Nishad Singh. Furthermore, FTX Foundation Nick Beckstead will lead the team, including Leopold Aschenbrenner, William MacAskill, and Ketan Ramakrishnan.
The team announced that they will support both for-profit and non-profit ventures as long as it aligns with the fund’s mission of protecting future generations by addressing issues such as poverty and environmental problems. The fund also aims to look for projects that challenge current technological boundaries.
The cryptocurrency exchange also highlighted that they are looking for projects that have significant scaling potential. These are projects that they defined as “projects that could grow to productively spend tens or hundreds of millions of dollars per year.”
Along with the call for applications, FTX has also announced a regranting program that will target independent grant makers. The team will also be holding a competition for project ideas.
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Source: Cryptocurrency - investing.com
