FTX Creates $2 Billion Fund to Expand Blockchain Adoption

FTX, a cryptocurrency firm with numerous sports sponsorships, has launched a $2 billion venture capital fund to invest in blockchain and Web3 technologies. FTX Ventures is particularly interested in growing blockchain’s integration across gaming, social platforms, financial technology and healthcare. 

 Amy Wu, who led crypto and gaming investments at Lightspeed Venture Partners, has been hired to lead FTX Ventures. “We are very bullish that over time, just like free-to-play games and mobile games really established dominance, we will see that next step in the evolution of Web3 gaming as well,” Wu told Decrypt, also noting that FTX aims to work with major video game publishers.

 FTX is valued at $25 billion and recently attempted to buy sports betting app PlayUp. In November, FTX invested in blockchain-based sports betting platform BetDEX. In another tie-up between crypto and gaming, the NFLPA plans to release NFTs with DraftKings that can be used to play in fantasy football contests.

 FTX’s sponsorship portfolio includes deals with MLB and MLBPA, Monumental Sports & Entertainment, the Golden State Warriors, esports organization TSM and stadium naming rights deals with the Miami Heat and UC Berkeley. The company’s athlete ambassadors include Steph Curry, Tom Brady, Trevor Lawrence and Shohei Ohtani.