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FTX Launches Philanthropic Fund with Plans to Raise at Least $100 Million
The fund will be part of the FTX Foundation, a philanthropic organization primarily funded by FTX CEO Sam Bankman-Fried. “We are particularly interested in launching massively scalable projects: projects that could grow to productively spend tens or hundreds of millions of dollars per year,” the company said. Cryptocurrency exchange FTX has launched its first philanthropic fund to put money from digital assets into charitable causes. The Venture Future Fund will distribute at least $100 million this year — and perhaps up to $1 billion — “depending on how many outstanding opportunities we find.” Company said...
FTX Launches Philanthropic Fund with Plans to Raise at Least $100 Million
- Der Fonds wird Teil der FTX Foundation sein, einer philanthropischen Organisation, die hauptsächlich von FTX-CEO Sam Bankman-Fried finanziert wird
- „Wir sind besonders daran interessiert, massiv skalierbare Projekte zu starten: Projekte, die wachsen könnten, um produktiv mehrere zehn oder hundert Millionen Dollar pro Jahr auszugeben“, sagte das Unternehmen
Cryptocurrency exchange FTX has launched its first philanthropic fund to put money from digital assets into charitable causes.
The Venture Future Fund will distribute at least $100 million this year — and perhaps up to $1 billion — “depending on how many outstanding opportunities we find.” company said Monday.
The fund falls under the umbrella of the FTX Foundation, a philanthropic organization primarily funded by FTX CEO Sam Bankman-Fried. It also counts key contributions from Caroline Ellison, co-CEO of Alameda Research, Gary Wang, co-founder and chief technology officer of FTX, and Nishad Singh, head of engineering at FTX.
“Billions of people are alive today,” Bankman-Fried said tweeted. “There are trillions of people who could live great lives if we leave a better world for our children.”
The team put together a list 38 potential projects including artificial intelligence ethics, pathogen sterilization technology, alternative voting systems, a new university or publishing house, and support for films and documentaries.
“We are particularly looking forward to the start Massively scalable projects: Projects that could grow to productively spend tens or hundreds of millions of dollars per year,” the announcement said.
The move signifies the crypto exchange's expansion beyond the world of digital assets and into other real-world industries. To date, FTX has set aside 18 million dollars for charitable purposes – including $8.7 million in user contributions and $9.5 million in user fees.
The company says its corporate lines and employees have collectively made more than $10 million in charitable donations.
Bankman-Fried, a 29-year-old with a fortune of $22.5 billion, donated $50 million last year and plans to donate $500 million next year, according to a video interview.
“I wanted to be rich, not because I liked money, but because I wanted to donate that money to charity,” Bankman-Fried said in the interview.
Last week, the company gave $25 to every Ukrainian registered on its platform after the country's central bank temporarily suspended its foreign exchange market and limited withdrawals.
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The post FTX launches philanthropic fund with plans to raise at least $100 million is not financial advice.