FTX to deploy $1B through Future Fund for safer AI, reduced biorisk
Global crypto exchange platform FTX launched a fund called the FTX Future Fund with an aim to support long-term improvements for humankind. The project will deploy up to a billion dollars to support projects focusing on safe artificial intelligence development, reducing biorisk dangers, effective altruism and more.
According to the announcement, the team will support both non-profit and for-profit ventures as long as it aligns with the fund's mission such as protecting future generations by addressing issues such as poverty and environmental problems. The fund also aims to look for projects pushing technological progress forward.
The firm also underscores that it's looking to fund projects that are “massively scalable.” It defined this as "projects that could grow to productively spend tens or hundreds of millions of dollars per year."
1/ We're thrilled to announce the FTX Foundation's Future Fund. We make grants and investments to ambitious projects to improve humanity's long-term prospects.We plan to deploy >$100M this year, and potentially a lot more (in principle up to $1B).https://t.co/kIWdm48LZ4
The project is funded primarily by billionaire and FTX CEO Sam Bankman-Fried. Some of the significant contributors are Caroline Ellison, Gary Wang, and Nishad Singh. Moreover, FTX Foundation CEO Nick Beckstead will lead the team, including Leopold Aschenbrenner, William MacAskill and Ketan Ramakrishnan.
Along with the call for applications, FTX also announced a regranting program that targets independent grantmakers. Additionally, the team mentioned that they will hold a competition for project ideas.
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