The FTX Foundation, a charitable arm of the FTX Exchange, has announced the launch of its Future Fund. The fund may assist a variety of groups working on initiatives that would help humanity’s future. These include advancements in artificial intelligence, economic growth, enhanced power relations, and protection from catastrophic bio-risk, along with many others.
The team of the foundation intends to distribute at least $100 million in 2022, with the possibility of much more depending on how many future opportunities they identify. In theory, they may spend up to $1 billion this year.
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1/ We’re thrilled to announce the FTX Foundation’s Future Fund. We make grants and investments to ambitious projects to improve humanity’s long-term prospects.
We plan to deploy >$100M this year, and potentially a lot more (in principle up to $1B).https://t.co/kIWdm48LZ4
— Future Fund (@ftxfuturefund) February 28, 2022
The Launch of Future Fund
On Monday, FTX announced its multi-million dollar fund in a blog post on its website. The blog post included a long list of over 37 activities that the corporation would want to support. Some are quite ambitious, such as managing population decrease and constructing alternate voting systems.
Regardless, the list is not definitive, according to the business. They encouraged readers to submit their ideas or apply them to work on one of their pre-approved projects. The readers would have the deadline by March 21st to be eligible for financing in their first open round.
That isn’t to suggest the endeavor is completely benevolent. FTX states that the company will invest in both for-profit and non-profit organizations. They also mentioned that they are particularly interested in large-scale initiatives with annual budgets exceeding $100 million. As an example of scalable businesses, tech companies are mentioned.
Nick Beckstead, CEO of the FTX Foundation, will lead the Future Fund team, which will also include Leopold Aschenbrenner, Will MacAskill, and Ketan Ramakrishnan. The Future Fund will be mostly funded by FTX CEO Sam-Bankman Fried, who was ranked the world’s richest 29-year-old by Forbes in October.
The Future Fund is run by the FTX Foundation, which is principally funded by Sam Bankman-Fried. Sam started at the age of 20 to generate as much money as he could to donate all he earned to charity.
Sam began his career as a trader before establishing the FTX bitcoin exchange. Now he wants to utilize the fortune he’s collected to support people. He’s also investing in projects to help promote long-term, good change in the world.
Caroline Ellison, Gary Wang, and Nishad Singh have made significant gifts to the FTX Foundation.
Other fundings for humanitarian purposes
The crypto community is frequently criticized for being a negative burden on humanity’s future, especially when it comes to climate change. In recent months, however, some industry heavyweights and community members have employed crypto to promote geopolitical and humanitarian causes.
To portray itself as an eco-friendly blockchain, the Cardano Foundation claimed in January that it has employed blockchain technology to track the planting of over 1 million trees. During Ukraine’s crisis with Russia, crypto donors helped give aid, with the nation receiving tens of millions of dollars in digital assets.
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