The FTX Future Fund, a global crypto exchange platform, was launched to help long-term human progress. The fund will invest up to a trillion dollars in projects that focus on safe artificial intelligence, effective altruism, and reducing biorisk dangers.
The announcement stated that the team will support for-profit and non-profit ventures, as long as they are consistent with the fund’s mission to protect future generations and address issues like poverty and environmental concerns. The fund will also look for projects that advance technological progress.
The firm emphasizes that it is looking to fund projects that can be scaled to tens to hundreds of millions per year.
1/ We are thrilled to announce the FTX Foundation Future Fund. We invest in and make grants to ambitious projects that will improve the long-term prospects of humanity.
We plan to deploy >$100M this year, and potentially a lot more (in principle up to $1B).https://t.co/kIWdm48LZ4
— Future Fund (@ftxfuturefund)
February 28, 2022
Sam Bankman-Fried, a billionaire and CEO of FTX, funds the project. Gary Wang, Caroline Ellison and Nishad Sing are some of the major contributors. Nick Beckstead, CEO of FTX Foundation, will also lead the team. This includes Leopold Aschenbrenner and William MacAskill, as well as Ketan Ramakrishnan.
FTX announced a regranting program for independent grantmakers in addition to the call for applicants. The team also mentioned that they will be holding a competition to find project ideas.
Related: Cambridge University launches a crypto research project in collaboration with IMF/BIS
Sam Bankman-Fried recently shared his views on Bitcoin ( BTC ) market in light of the recent events in Ukraine. Bankman-Fried believes that people will be looking for alternative options due to the European destabilization.
In January, the FTX US branch closed a $400m funding round which led to a valuation at $8 billion. This fund will be used for expanding the company’s US workforce and expanding the business’ offerings.