One of the largest crypto exchanges FTX brought out a $2B fund, led by Lightspeed's Amy Wu, for its venture capital unit FTX Ventures.
With FTX's recent success in the crypto industry, and ideas for global expansion, the crypto exchange announced that it will be opening its own venture capital branch. The venture capital firm is set to bring support for upcoming and established crypto start-ups.
According to the report by WSJ, Amy Wu, partner at Lightspeed Venture Partners, will be leading the $2B fund for Sam Bankman Fried’s company. The FTX Ventures fund was said to be one of the largest yet, and supported by big players in the crypto industry such as Binance Labs and Coinbase Ventures.
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After the initial tweet, confirming the partnership with FTX, Amy Wu told followers that she will be "leading the @FTX_Official gaming, M&A, and other web3 initiatives" while remaining a partner with Lightspeed.
Following its large sponsorship deal with the Super Bowl and the purchase of naming rights for the Miami Heat’s home stadium in 2021, FTX remains one of the fastest-growing crypto exchanges in the world.
