FTX has announced a charitable fund called future fundwhich will support various entities working on projects that improve the future of humanity.
Among the areas covered and supported by the Fund are:
Artificial intelligence, economic growth, improved power relations, and safety from catastrophic biological hazards.
FTX Announces the Fund of the Future:
FTX revealed its multi-million dollar fund in a blog post from its site on Monday.
The company has made a long list of more than 37 areas that the company is interested in financing.
Some are very ambitious, including tackling demographic decline and developing alternative voting systems.
But the company noted that the list is not exhaustive.
So they invite readers to submit their own ideas, or to apply to process one of their pre-selected proposals before March 21 to be considered in the first open round of funding.
The fund plans to distribute at least $100 million to noteworthy projects this year.
The company explained that if the ideas presented pique their interest, they could potentially invest up to $1 billion.
This will be 2.5 times the funding that FTX raised from its most recent funding round.
This does not mean that this effort is entirely charitable.
Whereas, FTX and its observer find that they invest in both for-profit and non-profit organizations, and are particularly attracted to large-scale scalable projects that can ultimately spend more than $100 million annually.
Startup tech companies are presented as an example of such scalable organizations.
Nick Bexted will lead the Future Fund team, along with Leopold Aschenbrenner, Will McAskill and Ketan Ramakrishnan.
Funding for the core fund will come from Sam Bankman, CEO of FTX, who was named by Forbes as one of the richest under 30 last October.
Crypto supports humanitarian causes:
The cryptocurrency community is often insulted and described as a burden on the future of humanity, particularly in the context of climate impact.
Such accusations are refuted by the use of numerous industry actors and members of the crypto community to support geopolitical and humanitarian issues in recent months.
In January, the Cardano Foundation announced that it had used blockchain technology to track the planting of more than one million trees, to promote itself as an eco-friendly blockchain.
Crypto donors also helped provide relief to Ukraine during its conflict with Russia, as the country raised tens of millions of dollars in cryptocurrency.
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