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Crypto exchange FTX launches $2 bln venture fund

Crypto exchange FTX launches $2 bln venture fund

The venture capital fund plans to finance promising crypto projects with sums ranging from one hundred thousand to hundreds of millions of dollars.   

Why is it so important?

  • The fund offers to finance startups at different development stages and in various areas of the cryptocurrency market.

According to The Wall Street Journal, the fund is primarily interested in projects related to the security of crypto assets and insurance. Projects concerning developer tools and cross-chain protocols will be considered separately. The cross-chain protocols allow people to use the products on various gadgets, starting with a smartphone and ending with a TV. According to the head of FTX Ventures Amy Wu, the first projects may receive funding by the end of 2022. 

Just to recall, FTX has been involved in investing in dozens of startups even before the fund was created, including such startups as DriveWealth Holdings, Faraway, Web3Auth.

 

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