FTX Invests $2 Billion in FTX Venture to Invest in Web 3

FTX today announced the launch of its new venture capital arm, FTX Ventures, with $2 billion in funding and the hiring of Amy Wu.

Amy Wu is a former Lightspeed partner, a regular $10 billion VC, and will oversee FTX's gaming business as well as major sports broadcasters.

It should be noted that Amy Wu previously led Lightspeed's investment in FTX.

In November 2021, Lightspeed, along with FTX and Solana Ventures, launched a $100 million investment in Web3 games.

As an exchange, FTX has previously invested in a number of projects in the crypto sector, but has always belonged to its sister organization Alameda Research and is currently developing FTX Ventures, a sub-sector of FTX.

According to its media presence, FTX Ventures has a team of eight people, including five investors.

The investment model is "developers to developers" and allows "creating investment plans" by leveraging FTX's overall growth and capital.

FTX Ventures aims to drive the global adoption of blockchain and Web3 with significant investments in social media, gaming, fintech, software, and medicine.

In addition to leading FTX Ventures, Amy Wu will lead the FTX business venture, the culmination of her previous career at Lightspeed.

Lightspeed has invested in Fortnite developer Epic Games and Sleepgate developer 1047 Games.

Following the explosive growth of Axie Infinity over the past year, it is believed that all major sports publishers will explore blockchain. Although many will be strong against NFTs in the short term, NFTs, a treasure that can be completed, sold, and profitably, are all attractive to players.

The game industry FTX, which Amy Wu will be responsible for in the future, will generally support game exchange (NFT role and tokenized industry standard) for the broadcast media that one always has, and of course the values ​​are interchangeable.

"In the past, free games and mobile games have developed real control, and now we're going to see Web3 games follow the same path."

2021 is the hottest year to invest in the cryptocurrency industry. Many start-ups are afraid of losing the opportunity to invest in start-ups, giving money to start-ups out of a total of more than 1,700 start-ups. About $25.1 billion.

Although global revenue could weigh on the impact in 2022 despite interest warnings, FTX has invested $2 billion to set up a Web3-themed venture capital, which is undoubtedly a blow extra inch for a Web3 concept project. .