FTX opens $2bn venture capital arm to invest in crypto INDUSTRY

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arm to invest in crypto projects

Crypto exchange led by Sam Bankman-Fried follows lead of rival Coinbase

Sam Bankman-Fried has said FTX expects to make profits of roughly $400m in 2021 © Bloomberg

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Miles Kruppa in San Francisco JANUARY 14 2022

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FTX, the cryptocurrency exchange led by 29-year-old billionaire Sam Bankman-Fried, has announced it will invest $2bn in crypto projects, following the example of rival exchange Coinbase and others.

FTX Ventures will invest in start-ups working in the social, gaming, fintech, software and healthcare sectors, it said. FTX, which investors valued at $25bn in October, said the fund could also invest in tokens, tradable assets that many cryptocurrency projects distribute to users.

“Our first $2bn fund will be flexible capital where we can invest in equity and/or tokens, at any check size and stage,” FTX said in a blog post. “We measure time horizons in decades. We don’t mind if you’re anon. We won’t ask you to present in front of an investment committee.”