FTX Future Fund: Crypto Firm Unveils Potentials for Up to $1B Grants towards Improving Humanity

On Mar 1, 2022 at 9:47 am UTC by · 3 min read

Applications for the funding round are open to nonprofits and for-profits organizations with interest to launch one of the proposed projects.

FTX, a derivatives exchange that is hell-bent on reducing catastrophic biorisk, while improving the public welfare is thrilled to announce the debut of its Future Fund program, a philanthropic fund making grants and investments to ambitious projects as a way to improve humanity’s long-term prospects.

FTX Future Fund

According to a recent announcement from the exchange, the FTX foundation has pledged to donate over $1 billion for philanthropic funds for the sake of humanity following plans to invest and distribute at least $100 million this year.

The platform claimed they have a long list of project ideas that they would love to fund which appears not to be comprehensive enough, as such they are willing to embrace a broad range of ideas that could trigger them to deploy up to $1B this year.

Per the announcement, applications for the funding round are open to nonprofits and for-profits organizations with interests to launch one of the proposed projects, or have another idea for a project in the platform’s areas of interest. The projects are urged to ensure that they align with FTX’s mission before making applications on March 21st.

FTX highlighted its core areas of interest saying:

“Our areas of interest include the safe development of artificial intelligence, reducing catastrophic biorisk, improving institutions, economic growth, great power relations, effective altruism, and more.”

ProPublica Receives $5 Million Grant

A few hours after FTX disclosed plans to invest big into philanthropic projects, ProPublica, a New York-based nonprofit media outlet that is focused at producing investigative journalism in the public interest, received $5 million from the family of FTX’s CEO.

Sam Bankman-Fried, the founder and CEO of FTX, has combined arms with his brother, Gabe Bankman-Fried to facilitate investigative efforts into conquering issues of the current COVID-19 pandemic, biosecurity and public health preparedness. Gabe Bankman-Fried expressed his delights on the move saying;

“Sam and I are thrilled to support ProPublica’s vital work…..Ambitious, high-quality reporting is necessary to inform the public, hold institutions accountable, protect lives, and reduce the risk of future catastrophes. ProPublica has provided essential reporting throughout the pandemic on government decision-making, testing failures, laboratory safety, and many other related subjects. We’re so excited that they will be expanding their coverage of one of the most important issues facing humanity.”

The funds will empower ProPublica in establishing a world-class reporting team for wide-ranging, international coverage of the COVID-19 pandemic and other future outbreaks over the next three years.

The investigations will be centered on clarifying the quests as to whether the world is taking the steps needed to contain the ongoing COVID-19 pandemic and prepare for the next global health threat.

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