The “Future Fund,” which is part of FTX’s philanthropic arm of the FTX Foundation, shall invest $100 million at least, this year, though it has the potential to invest up to $1 billion should it see enough projects it ends up liking, per a statement made by FTX on Monday.
FTX is nothing if not keen when it comes to investing the cash in huge, philanthropic projects that can “massively scale.” “Tech startups start small and then rapidly scale,” FTX stated. “We’d like to see that in philanthropy, too.”
What it seems to be looking for, are projects with the ability to safely advance AI, minimizing the risk of biochemical disasters, and ending global poverty of course, among other things.
1) We're extremely excited to launch the FTX Future Fund!https://t.co/gbSxModjsj
— SBF (@SBF_FTX) February 28, 2022
“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,” it also added to the announcement made on Monday.
FTX has the 2nd highest 24-hour futures volume, right after Binance. Trading derivatives is pretty different compared to spot trading, which is where one buys and sells a cryptocurrency such as Bitcoin, for instance. With derivatives, traders both buy and sell contracts which then bet on the future price of cryptocurrency.
Their projects have until the 21st of March to apply for funding’s 1st round. Any Nonprofits and for-profits shall both be considered, as long as they’re aligned with the mission of FTX.
Sam Bankman-Fried, the CEO of the crypto exchange, has become a bit of a celebrity in his own right, in the world of crypto. Last year he was ranked by Forbes as the world’s richest 29 year old, amassing up a fortune of $22.5 billion.
And his exchange is now beyond well known, though a few years ago not a lot of people would have even recognized. It serves as a sponsor to a large number of U.S. teams, such as the NBA’s Miami Heat, as well as the Golden State Warriors. What’s more, is that last year it signed a 5 year deal with the MLB, too.
Though he’s in possession of enormous wealth, Bankman-Fried’s focus remains philanthropy. Per the man himself, he takes part in earning to give, which is a form of altruism, wherein one deliberately pursues a high-earning career with the goal of donating their wealth the charity.
” When Sam was 20 years old, he set out to make as much money as he could, in order to give away everything he earned to charity,” added today’s statement.