The new fund might invest up to $1 billion in projects that benefit humanity this year.
The FTX Foundation, a charitable fund run by the FTX Exchange, just unveiled its ‘Future Fund,’ which would assist various groups working on initiatives that will strengthen humanity’s future. These include, among other things, advances in artificial intelligence, economic growth, enhanced power relations, and protection from catastrophic bio-risk.
The Fund for the Future
On Monday, FTX unveiled its multi-million dollar fund in a blog post on its website. It gave a lengthy list of over 37 charities that the corporation would finance. Some are quite ambitious, such as dealing with ‘demographic decline’ and inventing alternative voting methods.
However, the corporation did point out that the list is not exhaustive. Therefore, they ask readers to submit their ideas or apply to work on one of their pre-existing concepts by March 21st to be considered in their first open round of financing.
This year, the fund intends to grant at least $100 million to notable initiatives. However, if enough concepts pique their interest, they may be willing to invest up to $1 billion. That is 2.5 times the amount of money FTX recently raised in its most recent investment round.
That is not to suggest that the endeavor is wholly benevolent. FTX states that it will invest in for-profit and non-profit organizations and is especially interested in “massively scalable enterprises” that might spend more than $100 million per year. As an example of such scalable businesses, tech startups are given.
“It’s okay if you think your project will probably fail, as long as the upside is big enough if you do succeed,” reads the company’s ‘Approach’ page.
Nick Beckstead, CEO of the FTX Foundation, will lead the Future Fund team, including Leopold Aschenbrenner, Will MacAskill, and Ketan Ramakrishnan. In October, it will be mostly funded by FTX CEO Sam-Bankman Fried, who Forbes called “the world’s richest 29-year-old”.
The Crypto Community and Humanity
The crypto community is frequently chastised for being a net burden on humanity’s future, particularly climate effect. However, several business heavyweights and community members have used cryptocurrency to assist geopolitical and humanitarian issues in recent months.
To portray itself as an eco-friendly blockchain, the Cardano Foundation claimed in January that it had employed blockchain technology to track the planting of over 1 million trees. During Ukraine’s crisis with Russia, crypto donors helped give aid, collecting tens of millions of dollars in digital assets.