The cryptocurrency exchange FTX made an announcement of a potential $1 billion fund that will invest in ambitious projects as a means of improving humanity’s long-term prospects.
Projects of the future
According to FTX’s statement, this “Future Fund,” which is part of FTX’s philanthropic arm, The FTX Foundation, will end up investing at least $100 million throughout 2020. However, it could also potentially invest $1 billion if it sees enough projects that it finds appealing.
It is looking for projects which can safely advance artificial intelligence (AI) and minimize the risk of a biochemical disaster, and even projects that could end global poverty.
They stated: “Our areas of interest include the safe development of artificial intelligence, reducing catastrophic biorisk, improving institutions, economic growth, great power relations, effective altruism, and more.”
Projects have until March 21 to apply for the first round of funding, and nonprofits or for-profits will both be considered, assuming that they are aligned with FTX’s mission.
FTX also launched a $2 billion ventures fund and hired the former Lightspeed partner Amy Wu.
On the Flipside
- FTX is among the most popular cryptocurrency and derivatives exchanges out there, right after Binance and OKEx.
Why You Should Care
FTX is a popular cryptocurrency derivatives exchange that sponsors a number of large U.S. sports teams, including NBA’s Miami Heat and Golden State Warriors.
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