Cryptocurrency exchange FTX has announced the launch of a fund of as much of $1 billion that will invest in ambitious projects as a means of improving humanity’s long-term prospects.
Projects for the Future
According to FTX’s statement, the ‘Future Fund,’ which is an initiative by FTX’s philanthropic arm, ‘The FTX Foundation’, will invest at least $100 million throughout 2020. However, should the exchange deem enough projects that appeal to its goals, this figure could potentially rise to as much as $1 billion.
FTX is looking for projects which can safely advance artificial intelligence (AI) and minimize the risk of a biochemical disasters, or even those realistically aiming to end global poverty.
They stated: “Our areas of interest include the safe development of artificial intelligence, reducing catastrophic biorisk, improving institutions, economic growth, great power relations, effective altruism, and more.
Projects have until March 21st to apply for the first round of funding, during which both nonprofits or for-profits will be considered, assuming that they are aligned with the FTX mission.
FTX also launched a $2 billion ventures fund and hired the former Lightspeed partner Amy Wu.
On the Flipside
- FTX is among the most popular cryptocurrency and derivatives exchanges out there, right after Binance and OKEx.
Why You Should Care
FTX is a popular cryptocurrency derivatives exchange that sponsors a number of large U.S. sports teams, including NBA’s Miami Heat and the Golden State Warriors.