FTX deploys $1 billion through Future Fund for safer AI, reduced bio-risk

Global crypto exchange platform FTX launched a fund called the FTX Future Fund with the aim of supporting long-term improvements for humanity. The project will commit up to $1 billion to support projects focused on secure artificial intelligence development, bio-risk reduction, effective altruism, and more.

According to the Announcement, the team will support both non-profit and for-profit enterprises 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 pursues projects that advance technological progress.

The company also underlines that it wants to fund projects that are “hugely scalable.” It defined this as “projects that could grow into productive expenditure of tens or hundreds of millions of dollars a year.”

The project is primarily funded by billionaire and FTX CEO Sam Bankman-Fried. Some of the major contributors include Caroline Ellison, Gary Wang, and Nishad Singh. In addition, Nick Beckstead, CEO of the FTX Foundation, will lead the team, which includes Leopold Aschenbrenner, William MacAskill and Ketan Ramakrishnan.

In addition to the call for applications, FTX also announced a refinancing program targeting independent grant providers. In addition, the team said they will be holding a contest for project ideas.

Related: Cambridge University Launches Crypto Research Project with IMF and BIS

In light of the recent events related to the crisis in Ukraine, Sam Bankman-Fried also recently shared his perspectives on the Bitcoin (BTC) market. According to Bankman-Fried, ongoing European destabilization could lead people to look for alternatives, making BTC an attractive option.

In January, the US FTX facility closed a $400 million financing round, leading to a valuation of $8 billion. The fund will be used to expand the company’s workforce in the US and expand the company’s offerings.

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