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FTX Creates $2 Billion Fund to Expand Blockchain Adoption


Andre Cohen

FTX, a cryptocurrency company with numerous sports sponsors, has launched a $2 billion venture capital fund to invest in blockchain and Web3 technologies. FTX Ventures is particularly interested in the growing integration of blockchain into gaming, social platforms, fintech, and healthcare.

Amy Wu, who led crypto and gaming investments at Lightspeed Venture Partners, has been hired to lead FTX Ventures. “We are very optimistic that over time, just as free games and mobile games have really established dominance, we will also see this next step in the evolution of Web3 gaming,” 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 crypto-gaming nexus, the NFLPA plans to release NFTs with DraftKings that can be used to play in fantasy football competitions.

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 Miami Heat and UC Berkeley. The company’s Athlete Ambassadors are Steph Curry, Tom Brady, Trevor Lawrence and Shohei Ohtani.

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