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FTX Pledges a New Philanthropic Fund of Up to $1 Billion

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. 

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    Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.