A previous accomplice at Lightspeed Adventures, Wu joined the speculation arm of FTX in January, financing a few crypto new businesses.
As the collapse of the FTX cryptocurrency exchange continues to send shockwaves across the industry, Amy Wu, a former partner at Lightspeed Venture Partners, told The Information on Friday that she has resigned from her position with FTX Ventures.
Wu’s acquiescence comes that very day FTX petitioned for Section 11 liquidation insurance, and its organizer Sam Bankman-Seared surrendered as President amid charges of extortion and the fumble of client reserves.
Wu joined FTX in January to lead its funding arm, which Bankman-Broiled sent off every month with a $2 billion speculation. From that point forward, FTX Adventures has been a piece of a few extravagant arrangements.
“At the point when I see what organization might have the most effect in the business, however at that point additionally on the planet,” Wu told at that point. “I think FTX is one of the most effective that I’ve had the joy of working with.”
In March 2022, FTX Ventures invested $100 million in Dave, a financial services app, as part of a deal with crypto exchange FTX US that would enable the platform to begin offering cryptocurrency services.
FTX Adventures has additionally put resources into Exhausted Chimp Yacht Club maker Yuga Labs and games engineer Distant, producers of the Solana-based Smaller than expected Royale: Countries.
In September, FTX Ventures invested in SkyBridge Capital, the investment firm led by Anthony Scaramucci, taking a 30% stake in the firm. That same month, FTX Ventures participated in a $54 million fundraise led by Alexis Ohanian’s VC firm Seven Seven Six for the popular NFT project Doodles.
Wu has for some time been a hero for Web3 gaming and NFTs. At Messari Mainnet 2021, she talked about how NFTs and gaming could cooperate.
“Assuming that you have in-game things that are exchanged as NFT things, either in the shut biological system of that gaming distributor or beyond it, you can truly develop the game economy considerably,” she told. “You have significantly higher volumes of liquidity, and it’s a decent way for a player to burn through whatever amount of cash they need to in a game, which was recently choked.”
Wu’s renunciation today flags the finish of a short yet dynamic run for FTX Adventures. Considering late claims of extortion and blunder at FTX, Wu’s past assertions about the need to call out agitators in the space appear to be even more applicable.
“There’s this steady story and neurosis that Web3 will become unified, very much like the past ascent of ventures and the web, and so forth,” Wu said on the gm digital recording in February. “I believe it’s great for individuals to stay suspicious about it, and to get down on agitators.”