FTX Launched Humanitarian Fund For Grants And Investments

Crypto exchange FTX launched humanitarian fund that can potentially invest up to $1 million in grants and other investments like projects that can promote humanity’s welfare as we can see further in our latest cryptocurrency news.

The FTX Foundation announced a “Future Fund” which will support various organizations that work on projects that empower the future of humanity. Among other things, these include developments in economic growth, power relations, artificial intelligence, and bio-risk safety. FTX launched a humanitarian fund that has more than a million dollars to spend on various causes which the company will be interested in funding. Some are highly ambitious like developing alternative voting systems and demographic decline.

The company noted that the list is quite extensive. They invite readers to submit their own ideas or apply to tackle one of their pre-established proposals in order to be considered in their first open round of funding. The fund plans to distribute $100 million to projects this year but if enough ideas intrigue them, they can spend up to $1 billion which is 2.5 times the funding that the exchange raised from its latest funding round.

This is not to say the effort is charitable but FTX noted that it will invest in profit and NGOs alike and it is also attracted to scalable projects which can spend over $100 million every year. Tech startups are just an example of such scalable organizations but it’s okay if a project fails, as long as the upside is big enough if you succeed in the future, as the company stated. The Future Fund team will be led by Nick Beckstead who is the CEO of FTX Foundation Leopold Aschenbrenner, Ketan Ramakrishnan, and Will MacAskill. The main funding will come from FTX CEO Sam Bankman-Fried who is the world’s richest 29-year old.

The crypto company is slighted for being a net burden to humanity’s future, especially in the context of climate impact. However, various industry players and community members alike used crypto to support geopolitical and humanitarian causes in the past few months. The Cardano Foundation announced that it has used blockchain technology to track the planting of over 1 million trees and promote itself as an eco-friendly blockchain. The crypto donors already helped to provide relief to Ukraine during its conflicts with Russia with the country collecting millions of dollars in crypto.