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FTX launches $2 billion venture fund, hires Lightspeed exec to lead

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The Block

Fri, Jan 14, 2022

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FTX has launched a new venture unit, FTX Ventures The exchange operator has set aside $2 billion for the new fund Amy Wu — former partner at Lightspeed — was brought on to lead the new fund Sam Bankman-Fried's FTX has launched a new venture capital unit, adding billions of dollars in fresh capital to the already bloated private market for crypto investing.

FTX — which has long made investments alongside its sister company Alameda — said in a press release that FTX Ventures aims to "advance global blockchain and web3 adoption, with a broad investment mandate across social, gaming, fintech, software, and healthcare." FTX has set aside $2 billion for the venture fund.

It has also hired Amy Wu, a former partner at $10 billion venture capital firm Lightspeed, to lead the new business unit and fund.

As previously reported by The Block, 2021 was a red-hot year for venture investing in the crypto space.

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