Cryptocurrency exchange FTX today announced a potential $1 billion fund which will invest in “ambitious projects in order to improve humanity’s long-term prospects.”
FTX has announced that it will be setting up a philanthropic fund with a commitment of up to $1 billion. The fund, which is to be called the FTX Humanity Fund, will aim to “improve humanity” through various initiatives.
FTX CEO Will McDonough commented on the launch of the fund, saying: “At FTX, we are committed to improving the world around us. We believe that this new fund can make a real difference in helping to improve humanity as a whole.”
The Humanity Fund will be focused on a range of areas, including education, healthcare, and environmental protection. It is hoped that the fund will help to improve the lives of millions of people across the globe. The goal of the Future Fund is “to improve the human condition by investing in ambitious projects and initiatives that have the potential to make a real impact,” said Sam Bankman-Fried, CEO of FTX.
FTX is committing up to $1 billion to the Future Fund, but it also hopes that other cryptocurrency exchanges will join in on the effort. “We hope that this initiative will inspire other exchanges to follow our lead and contribute to philanthropy,” Bankman-Fried said. “Together, we can make a real difference in the world.”
The Future Fund is part of FTX’s broader effort to be a leader in corporate social responsibility in the cryptocurrency industry. Earlier this year, FTX announced a program called “Crypto for Good” which donates 10% of its profits to charity.
FTX Pledges Up to $1 Billion for Philanthropic Fund to ‘Improve Humanity’ Cryptocurrency exchange FTX today announced a potential $1 billion fund which will invest in “ambitious projects in order to improve humanity’s long-term prospects.”
The fund is to be launched in partnership with the United Nations Development Programme (UNDP) and will work in close collaboration with UNDP’s sustainable development goals. FTX has already pledged $1 million to the fund, and it is hoped that additional contributions will be made in the future.
The launch of the FTX Humanity Fund comes at a time when philanthropy is becoming an increasingly important part of corporate social responsibility. With a commitment of up to $1 billion, FTX is one of the largest players in the philanthropic space. Despite the regulatory headwinds, FTX remains bullish on the long-term prospects of the crypto industry. “We believe in the power of crypto and its ability to improve the lives of people all over the world,” Bank said. “We are committed to building a better future for everyone, and we hope our philanthropic fund will help make that a reality.”
Trading derivatives is different to spot trading (where one buys and sells a cryptocurrency like Bitcoin.) With derivatives, traders are buying and selling contracts that bet on the future price of cryptocurrency.
Projects have until March 21 to apply for the first round of funding. Nonprofits and for-profits will both be considered, so long as they are aligned with FTX’s mission.
