FTX starts Philanthropic Fund with plans to provide at least $ 100 million

FTX starts Philanthropic Fund with plans to provide at least $ 100 million

The cryptocurrency exchange FTX has launched its first philanthropic fund in order to put money from digital assets in charitable purposes.

The venture future fund will distribute at least $ 100 million-and maybe up to $ 1 billion-this year, "depending on how many outstanding opportunities we find". company said Monday.

The fund falls under the roof of the FTX Foundation, a Philanthropic organization that is mainly financed by FTX CEO Sam Bankman-Fried. Important contributions from Caroline Ellison, Co-CEO by Alameda Research, Gary Wang, co-founder and Chief Technology Officer from FTX, and Nishad Singh, Head of Engineering from FTX.

"Today's billions of people live," said Bankman-Fried tweeted . "There are trillions of people who could live a great life if we leave our children a better world."

The team has put together a list 38 Potential projects including ethics of artificial intelligence, technology for sterilization of pathogens, alternative electoral systems, a new university or a new publisher and a new publisher and the support of films and documentation.

"We are particularly looking forward to the start Solid scalable projects that could grow to output several ten or a hundred million dollars per year", it means that it means in the announcement.

The step means the expansion of the crypto exchange beyond the world of digital assets and to other industries in the real world. To date, FTX has put aside $ 18 million for charitable purposes-including $ 8.7 million in user contributions and 9.5 million US dollar on user fees.

The company states that its company lines and employees have provided more than $ 10 million in charity.

Bankman-Fried, a 29-year-old with a wealth of $ 22.5 billion, donated $ 50 million last year and, according to a video, plans to donate Interview .

"I wanted to get rich, not because I liked money, but because I wanted to donate this money for charitable purposes," said Bankman-Fried in the interview.

Last week, the company GAB $ 25 to every Ukrainian registered on his platform after the country's central bank temporarily suspended its foreign exchange market and limited withdrawals.

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The contribution FTX starts Philanthropic funds with plans to provide at least $ 100 million