FTX has launched its inaugural philanthropic fund, through which it plans to deploy up to $1B this year to fund charitable causes. The new fund, known as the FTX Future Fund, will fall under the FTX Foundation, a philanthropic organization funded primarily by FTX founder and CEO Sam Bankman-Fried, and has already compiled a list of 38 potential projects it's looking to finance.
Among those potential projects include initiatives toward advancing AI ethics, retiring coal mines, alternative voting systems, and erecting a new university.
FTX's philanthropic ambitions:
- The exchange has set aside $18M for charity to date.
- FTX gave every Ukrainian user of its platform $25.
Sam Bankman-Fried's altruistic purpose:
Sam Bankman-Fried or SBF makes money for one reason: to give it to charity. SBF follows a philosophy called "earn to give," which simply means his goal in life is to earn as much money as possible so he can give away as much money as possible.
And at 29 years old with a net worth estimated to be around $22B, he is off to a nice start.
- In 2021, he donated $50M to charity.
- In 2022, he plans to donate $500M to charity.
- By the end of the decade, SBF hopes to donate $10B.
Learn more about SBF's philanthropic motivations in this interview.
