The crypto trading platform giant FXT has launched a fund for supporting philanthropic innovations. This fund has been named ‘The Future Fund’ of FXT. 29-year-old Sam Bankman-Fried is the CEO of FXT and he is known for his humanitarian contributions to society. “Earn to give” is the motto of this young billionaire’s life.
FTX foundation, headed by CEO Nick Becksted is a broader humanitarian project of the corporation. The Future Fund comes under the purview of the FTX foundation.
The foundation is looking forward to funding futuristic and sustainable project ideas. They are particularly excited about projects that reduce biohazard, make AI technology safer and are broadly humanitarian. The fund is open for both profit-making and non-profit initiatives serving the altruistic vision of the foundation.
The Future fund is going to deploy a minimum amount of $100 million this year on innovative projects for the betterment of the human race. To take part in the first open funding round by FTX, applications are supposed to be submitted before 21 March 2022. Preference will be given to the ventures having massive scalability. The capacity of the fund is set at $1 billion for the current year.
FTX’s plan for 2022
Apart from sponsoring tech ventures that boost the progress of technology and promote sustainability, the fund has 3 other plans for this year:
- Endorse a regranting programme to reach and support more tech projects.
- Reward the ventures when they attain a target output in the future.
- Recruit founders to bring life to the project ideas that the firm wants to launch.
The firm is taking a bold but commendable experiment in hand. They are sure about their vision and objective. If the current mode of execution works well, the firm is planning to scale up the project.