According to a personal blog post posted by the company itself, FTX will be coming up with a massive new fund of more than $100Million in value, focused on providing life to welfare projects.
The FTX Foundation, which is a subsequent fund that comes from the FTX Exchange had recently revealed the introduction of a new fund, named as the ‘Future Fund’ that will focus on breathing more life into certain projects and endeavors that are aimed towards Improving human welfare for the coming times. The team leads for this fund include the CEO of FTX Foundation, Nick Beckstead and a couple others working beside him. To be more specific, funds will be utilized in the enhancement of multiple sectors such as, Artificial Intelligence, economics, power management and countering any form of biological risk.
Welcoming New Ideas
In the blog post posted by FTX, a lengthy list of nearly 37 reasons to why the company is bringing such a fund were mentioned in order to formally justify their stance. Some of them included very aspiring ideas such as, working on providing power to demographics that have been falling and the development of newly thought-out election systems.
FTX also told in the blog post that this list can be expanded, meaning that anyone interested will be able to share their own unique idea or submit applications for existing proposals before the 21st of March, because it is the deadline for the applications of the first ever set of fundings that will be held.
Massive Funding Limits
Diving even further, this new fund intends to provide at least $100Million to projects that are highly valuable and deserve the necessary funding to expand and if any of the projects prove themselves to be the best, the amount of funding received could go into the billion-dollar range, basically making it more than double the fund that was produced by FTX in the latest funding event.
Emphasis on Scalability
Additionally, FTX did mention that the company does intend to provide funds to both profit and non-profit firms equally, highlighting that FTX is very much interested in projects that have a huge scalability potential, ready to fund in the hundreds of millions each year. Projects showing scalability such as tech-based startups are a good way to highlight what FTX is interested in.
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