Sam Bankman-Fried’s FTX has formed a new venture capital unit that is adding billions of dollars in new capital to the already thriving private crypto investing market.

The giant said in a press release that FTX Ventures aims to “advance the global adoption of blockchain and Web3, with broad investment mandates in social, gaming, fintech, software and healthcare”.

FTX has raised $ 2 billion for the venture fund and has also hired Amy Wu, a former partner in venture capital firm Lightspeed, to lead the new unit.

Amy Wu – New Head of FTX Ventures

Wu said the fund will strategically focus on companies in the crypto market:

“The new fund is not necessarily ‘tied’ to FTX’s strategy. The aim is to accelerate the introduction of blockchain technology. We want to put our stamp on our offer and use the resources, know-how and global network of FTX. “

It’s not uncommon for venture capital companies to bet with venture capital in the crypto space. Coinbase founded its own venture arm in 2018 and has invested in hundreds of early-stage crypto startups with funds from its own balance sheet. NFT infrastructure provider Alchemy recently unveiled its venture arm late last year.

2021 is a hot trending year for venture capital in the crypto space. In 2021 there are over 1,700 venture capital deals focused on this area, bringing these startups, projects and protocols around $ 25.1 billion in funding. Several venture firms – including Paradigm and a16z – launched venture funds worth billions in the past year.

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