FTX to commit up to $1bn to charitable foundation focused on ‘humanity’

Bitcoin exchange FTX announced the establishment of a charitable foundation with an initial $100m, potentially expanding to $1bn. The funds will be directed to investments in “ambitious projects aimed at improving humanity’s long-term prospects.”

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 fund’s expansion will depend on the availability of ‘interesting projects’.

The Future Fund will focus on supporting startups related to artificial intelligence, the fight against global poverty, and the risks of a biochemical catastrophe. Among its stated aims are the strengthening of institutions, economic growth, relationships among the ‘great powers’, and effective altruism.

The structure will form a division of the FTX Foundation. The latter also includes FTX Climate and FTX Community, which focus on issues of climate change, global poverty, animal welfare, and other matters of importance to the community.

Applications for the first funding round close on 21 March.

Earlier, FTX chief Sam Bankman-Fried predicted growth in demand for bitcoin amid global instability.

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