Tribe Capital, an American venture capital firm, is considering injecting capital into the FTX exchange to potentially revive it. If this idea were to succeed, Tribe Capital would lead a fundraising campaign to the tune of $250 million, of which $100 million would come from its own funds.
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Tribe Capital ready to relaunch FTX?
Tribe Capitalan American venture capital firm, is said to be looking closely at the possibility to inject capital into FTX in order to relaunch the exchange.
The information, reported by Bloomberg, was first transmitted by people “close to the file” who wished to remain anonymous given the confidential nature of the matter.
According to Bloomberg, the co-founder of Tribe Capital, Arjun Sethi, reportedly met with FTX’s unsecured creditors committee back in January. Through this meeting, he would have made a first proposal to the committee, which notably included 9 million customer accounts through the various branches of FTX operating internationally.
The price of FTT, the token of the FTX platform, once again reacted to this positive announcement, although it quickly fell:
Evolution of the FTT token price
Tribe Capital, which has $1.6 billion in assets under management across its business, had previously invested in FTX as well as FTX.US, the US arm of the exchange.
If the idea came to fruition, Tribe Capital reportedly leads $250 million fundraising campaign$100 million of which would come from its own portfolio and funds from its partners.
According to our colleagues at The Information, Tribe Capital had previously invested 2.6% of its capital in FTX. Furthermore, the fund had also invested in leading crypto companies, such as Kraken and Polygon Labs.
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Is restarting possible and desirable?
While rumors of a potential FTX restart have been circulating since last January, the creditors’ committee has however clarified that currently, no timetable had been established for this purpose.
Via Twitter, the committee also said that potentially interested parties should contact them:
Until a formal process is launched, parties interested in purchasing or sponsoring a reboot of the FTX exchanges should contact the Debtors and the Committee.
— Official Committee of Unsecured Creditors of FTX (@FTX_Committee) April 18, 2023
The decision to restart FTX or not should be made during the second quarter of the year by John Ray III, the current CEO of the bankrupt exchange. Last week, a lawyer for FTX indicated that this idea was still in its infancy, and that it would require a very substantial infusion of cash.
John Ray III had notably indicated that relaunching FTX could help in the procedure aimed at reimbursing injured exchange customers. However, given the traces that Sam Bankman-Fried left in the crypto ecosystem, it is yet to be determined if anyone would be willing to return to the cryptocurrency exchange.
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Source: Bloomberg
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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
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