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

FTX made an announcement of a potential $1 billion fund that will invest in ambitious projects as a means of improving humanity’s long-term prospects.

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. 

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia