FTX Ventures and Alameda Research Merge Crypto VC Business: Report

Billionaire Sam Bankman-Fried’s crypto exchange FTX and trading firm Alameda Research will merge venture capital operations, according to a Bloomberg interview with Alameda CEO Caroline Ellison. The news comes a day after Ellison’s co-CEO Sam Trabucco stepped down and into an advisory role.

FTX Ventures raised $2 billion in funding in January and the absorption of Alameda began around the same time. The transition didn’t come with any financial payments to Alameda, which operates as a separate entity from the FTX exchange, the article said.

As a venture capital investor, Alameda backed a large number of crypto startups, including non-fungible token marketplace Magic Eden and Anchorage Digital.