FTX launched $2B web3 venture fund led by Lightspeed’s Amy Wu with more plans to wide-range crypto and blockchain that will oversee the FTX gaming business as we are reading more in our latest cryptocurrency news today.
FTX launched $2B web3 venture capital fund by Amy Wu who will also run the exchange’s video game business as it aims to work with the major game publishers. Crypto exchange FTX will funnel a part of the growing war chest into the new venture capital arm, FTX centuries announced that the $2 billion VC fund led by Amy Wu will continue the expansion.
1/ After speaking with several large game publishers the past wks it’s clear that @AxieInfinity has lit a fire around the adoption of blockchain in gaming ($10M+ rev / day will do it). Some takeaways
— Amy Wu (@amytongwu) August 21, 2021
Given FTX’s primary business, it doesn’t come as a surprise that the company will focus on crypto and blockchain industry investmetns. Wu said that FTX Ventures is excited about web3 gaming but also other social Web3 applications. She also cited both layer-1 and layer-2 blockchain platforms as potential targets as well as the blockcahin infrastructure and cross-chain protocols as well as wallet payments applications. It will be a wide-ranging fund in the crypto space with more plans for geographic diversity like potential investmetns in startups in Africa and Latin America.
Wu led Lightspeed’s own investment into FTX and along with Lightspeed teamed up with Solana Ventures to launch a $100 million Web3 gaming co-investment fund and in working with teh CEO Sam Bankman Fried, Wu started to see the potential benefits of joining the company:
“When I look at what company could potentially have the most impact in the industry, but then also in the world. I think FTX is one of the most impactful that I’ve had the pleasure of working with.”
With Wu relocating to FTX’s new home – The Bahamas, FTX Ventures will launch a new team of eight people and five investors as she said that the team’s investment model is by builders for the builders and will focus on the increasingly global reach and resources. Wu will also lead FTX’s gaming busienss because gaming is a huge part of Lightspeed. In addition to the co-investment fund, Lightspeed also invested in Fortnite Epic Games and SLipgate developer 1047 games. Wu sees a strong potential ahead for NFT-based video games after the strong rise last year with Axie Infinity.
Sam Bankman Fried, FTX CEO
Despite the short-term backlash from the gaming community, she remains optimistic that the players will embrace collectible assets which can fully own, resell and profit from:
“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.”