FTX launches charity fund with scale of up to $1B - OhNo WTF Crypto

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FTX launches charity fund with scale of up to $1B


Major crypto exchange FTX is pledging at least $100 million for its newly launched ‘FTX Future Fund’ that will aim to support projects working towards bettering humanity. While the fund has plans to deploy at least $100 million towards the effort, the firm may scale the fund up to $1 billion as well.

Based on “effective altruism” advocated by FTX founder and CEO Sam Bankman-Fried, the fund will promote the projects involved in Artificial Intelligence, reducing global poverty, and reducing the risks of biochemical disasters.

“Our areas of interest include the safe development of artificial intelligence, reducing catastrophic biorisk, improving institutions, economic growth, great power relations, effective altruism, and more,” the FTX announcement issued Monday read.

The newly launched ‘Future Fund’ is part of the FTX Foundation, a charitable organization founded by Bankman-Fried that pledges to donate to the world’s most effective charities. The foundation group currently includes several other projects, such as FTX Climate and FTX Community.

Projects interesting applying for the fund have until March 21 to submit their applications to be considered for the first open funding round.

More and more exchanges have shown humanitarian efforts recently. Binance, FTX’s competitor and one of the world’s largest exchanges, recently launched a crypto-first crowdfunding site, called Ukraine Emergency Relief Fund, where those interested can donate crypto to help with war relief efforts. In addition, the exchange has also pledged to donate $10 million to Ukraine amid the ongoing crisis.

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