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FTX to Allocate $1 Billion To Fund Highly-Scalable Projects -Breaking

by Mike Robinson

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FTX To Allocate $1 Billon to Fund Large-Scalable Projects
  • The FTX Future Fund is a global cryptocurrency exchange FTX.
  • This fund is intended to be used for projects that benefit humanity over the long-term.
  • The fund will favor projects with a high potential for scaling.

The FTX Future Fund fund, a cryptocurrency exchange has been launched. It will help support scaling projects with huge potential.

In the beginning, the fund will invest more than $100 millions this year. It plans to continue investing more over the next few years. FTX stated that they are willing to invest up to $1B for projects that advance artificial intelligence and reduce biorisk dangers.

Chief Executive Officer Sam Bankman Fried will provide the majority of funding. Caroline Ellison, Gary Wang and Nishad Sing will make other significant contributions. Nick Beckstead, FTX Foundation, will also be leading the team. This includes Leopold Aschenbrenner and William MacAskill as well as Ketan Ramakrishnan.

The team announced that they will support both for-profit and non-profit ventures as long as it aligns with the fund’s mission of protecting future generations by addressing issues such as poverty and environmental problems. Fund will also support projects that are challenging current technology boundaries.

They also stated that they’re looking for projects with significant scaling potential. These are projects that they defined as “projects that could grow to productively spend tens or hundreds of millions of dollars per year.”

FTX announced a regranting programme that targets independent grantmakers in addition to the call for applicants. The team will be hosting a contest for ideas.

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