Global crypto exchange platform FTX launched a fund called FTX Future Fund with the aim of supporting long-term recovery for mankind. The project will deploy up to one billion dollars to support projects focusing on secure artificial intelligence development, mitigating biorisk threats, effective altruism and more.
According to the announcement, the team will support both non-profit and for-profit ventures as long as it aligns with the fund’s mission to protect future generations by addressing issues such as poverty and environmental problems. The fund also aims to seek out projects that advance technological progress.
The firm also outlines that it is looking to fund “largely scalable” projects. This defined It is called “projects that can productively cost tens or hundreds of millions of dollars per year.”
1/ We are thrilled to announce the FTX Foundation’s Future Fund. We make grants and invest in ambitious projects to improve humanity’s long-term prospects.
We plan to deploy >$100M this year, and potentially much more (up to $1B in theory). https://t.co/kIWdm48LZ4
— Future Fund (@ftxfuturefund) February 28, 2022
The project is primarily funded by billionaire and FTX CEO Sam Bankman-Fried. Some of the notable contributors are Carolyn Ellison, Gary Wang and Nishad Singh. In addition, FTX Foundation CEO Nick Beckstead will lead the team, which includes Leopold Aschenbrenner, William McAskill and Ketan Ramakrishnan.
Along with the call for applications, FTX also announced a refinancing program that targets independent grantmakers. Additionally, the team mentioned that they would be holding a competition for project ideas.
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Sam Bankman-Fried also recently shared his outlook on the bitcoin (BTC) market, in light of recent events related to the crisis in Ukraine. According to Bankman-Fried, the ongoing European volatility may lead people to seek alternatives, making BTC an attractive option.
Back in January, the FTX arm in the United States closed a $400 million funding round, leading to an $8 billion valuation. The funds will be used to expand the company’s workforce and expand business offerings in the US.
