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Crypto derivatives exchange FTX has launched a $2 billion venture fund focused on backing Web3 projects and the overall digital asset ecosystem. Dubbed FTX ventures, the fund will be headed by Amy Wu, a former partner at $10 billion investment firm Lightspeed Ventures Partners.

FTX Ventures will invest in multi-stage companies and projects and is particularly excited about the number of talented teams in the Web3 gaming space. In fact, Wu stated that she’s “particularly excited about web3 gaming” and it’s potential to go mainstream. She has previously led multi-million-dollar investments in blockchain software company Alchemy and crypto-gaming firm Faraway.

“I am thrilled to be joining FTX to work alongside Sam and some of the smartest people disrupting the financial services industry. With FTX Ventures, we are looking to support entrepreneurs building generational businesses. We’re particularly excited about web3 gaming and its ability to bring mainstream audiences into the ecosystem,” Wu said.

In November 2021, FTX, Lightspeed Venture Partners and Solana Ventures even teamed up to create a $100 million blockchain gaming fund.

Commenting on the development, FTX CEO, Bankman-Fried said in a statement:

“Our investors at FTX have made a deep impact in supporting our growth and development. We strive to do the same at FTX Ventures and are excited to find the brightest minds and disruptive innovation in tech.”

As part of FTX Ventures, Wu will lead a team of eight people, which includes general partner Ramnik Arora who has worked as FTX’s head of product since October 2020. Advisor Armani Ferrante, is also part of the team who has previously worked as a software engineer at Alameda Research, a quantitative crypto trading firm and liquidity provider founded by Sam Bankman-Fried himself.

With the launch of FTX Ventures, the US-based cryptocurrency exchange has now joined the likes of Binance Labs and Coinbase Ventures, both of which have been in existence for several years.

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