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.
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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.
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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.
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Source: Wall Street Journal
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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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