The prospect of a relaunch of the FTX cryptocurrency exchange looks increasingly likely. After Tribe Capital, new companies have expressed their motivation to participate in the relaunch of the exchange through financing. Interested companies have until the weekend to contact the FTX teams.
FTX back soon?
FTX’s relaunch, which has long been seen as dubious hallway noise, became a serious topic last April when venture capital firm Tribe Capital announced the possibility of injecting $250 million in the exchange. At the same time, FTX’s creditors’ committee issued a press release inviting all interested parties to contact it with this in mind.
According to recent information, the possibility of an FTX relaunch seems set to materialize. Indeed, John Ray III, the new CEO of FTX tasked with restructuring the bankrupt exchange, recently stated that “ [la société] has begun the process of soliciting interested parties for the restart of the FTX.com exchange “.
According to the Wall Street Journal, the relaunch of FTX would induce a name change for the exchange as well as possible compensation for certain customersin particular through participations in the future company.
Thus, any company wishing to contribute funding or participate in the restart of FTX has until the weekend to approach the advisers of the exchange. It would seem that aside from Tribe Capital, blockchain company Figure has also expressed interest in the relaunch. The latter had also made a proposal as part of the takeover of Celsius, which ultimately chose the Fahrenheit consortium as the buyer.
👉 Discover our guide and tutorial for the eToro platform
Buy crypto on eToro
A model that remains viable despite the loss of confidence?
According to John Ray III, although FTX’s reputation has been significantly tarnished by the calamitous management of its executives and the criminal conduct of Sam Bankman-Fried, clients as well as stakeholders believe that ” the exchange’s business model was basically viable “.
Nevertheless, this case is far from won, as pointed out by a partner of 507 Capitala creditor fund of FTX:
“I find restarting FTX to be no small feat given the recent law enforcement actions against US cryptocurrency companies and the major reputational damage to FTX. »
At present, the main task of John Ray III and his teams remains the raising of funds aimed at reimbursing aggrieved exchange customers all around the world. In the case of a raise, this could in particular be done in part thanks to the FTT tokenwhich, if so, could only continue to lose value.
Note that the relaunch we are talking about only concerns the international exchange of FTX, and that no possible relaunch for its American branch, FTX.US, has been mentioned.
A reorganization plan is due to be presented by FTX teams next month aimed at determining how best to reimburse aggrieved customers.
👉 To go further – Artificial intelligence: a 500 million dollar contract suspended by FTX?
Alyra, training to integrate the blockchain ecosystem
Source: Wall Street Journal
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page may feature investment-related assets, products or services. Some links in this article may be affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
775 items
