Encryptoza

Crypto Exchange FTX Establishes $2B Fund to Invest in Crypto Startups: Report

Crypto derivatives exchange FTX has set up a $2 billion fund to invest in crypto-industry startups, the Wall Street Journal reported, citing Amy Wu, who heads the fund.

The FTX Ventures fund is one of the industry’s largest, the Journal said.Investments could be as low as $100,000 and as high as hundreds of millions of dollars.In October, FTX raised $420.7 million and was valued at $25 billion.Wu told the Journal she is particularly interested in crypto gaming companies, as well as insurance and security products.FTX Ventures joins funds set up by other crypto exchanges such as Binance Labs and Coinbase Ventures, both of which have been in existence for several years.

UPDATE (Jan. 14, 13:05 UTC): Adds fifth bullet point.

Leave a Comment

Your email address will not be published.

Generated by Feedzy