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Market

FTX Exchange Rebooted By Tribe Capital With $250 Million

April 19, 2023 - Around 2 mins mins to read

Key Points:

  • Tribe Capital is paying attention to the plan to reopen the closed FTX exchange.
  • The tribe is considering leading a $250 million fundraising campaign, with $100 million from itself and limited partners.
  • John J. Ray III plans to decide in the second quarter whether a reboot is possible.
Venture capital fund Tribe Capital is eyeing a plan to restart the now-collapsed FTX exchange with a $250 million fundraiser.
FTX Exchange Rebooted By Tribe Capital With $250 Million

Tribe Capital, a venture capital company that invested in the platform before the FTX crash and is now looking into it, infusing fresh funds to resume the attempt, has expressed interest in FTX’s probable plan to restart its cryptocurrency exchange.

According to persons knowledgeable about the situation who asked for anonymity to discuss the plan, Tribal co-founder Arjun Sethi met with FTX’s committee of unsecured creditors to discuss the idea informally in January discussions held in private. According to one of the persons, Tribe is thinking of leading a $250 million fundraising effort, with $100 million coming from itself and limited partners.

John J. Ray III, FTX’s new chief executive, aims to decide in the second quarter whether a restart is viable, according to a presentation in bankruptcy court. FTX attorney Andrew G. Dietderich said in a hearing last week that the company is still in the early stages of evaluating ideas and that the reboot will require significant cash, likely from third-party venture investors.

FTX Exchange Rebooted By Tribe Capital With $250 Million

According to these persons, Tribe’s January plan featured over 9 million user accounts, FTX US, FTX Australia, FTX Japan, FTX EU, FTX International, and LedgerX but excluded venture financing and the death of crypto assets, among other things. The new exchange will still use the moniker FTX.

FTX, Sam Bankman-Fried’s digital asset empire, went bankrupt in November, costing creditors at least $11.6 billion and destabilizing the entire market. Bankman-Fried is awaiting trial in October after pleading not guilty to fraud and campaign finance law charges. As one of the biggest crypto crashes in history, any attempt to restart the exchange would face regulatory severe and compliance challenges.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News

Market

FTX Exchange Rebooted By Tribe Capital With $250 Million

Key Points:

  • Tribe Capital is paying attention to the plan to reopen the closed FTX exchange.
  • The tribe is considering leading a $250 million fundraising campaign, with $100 million from itself and limited partners.
  • John J. Ray III plans to decide in the second quarter whether a reboot is possible.
Venture capital fund Tribe Capital is eyeing a plan to restart the now-collapsed FTX exchange with a $250 million fundraiser.
FTX Exchange Rebooted By Tribe Capital With $250 Million

Tribe Capital, a venture capital company that invested in the platform before the FTX crash and is now looking into it, infusing fresh funds to resume the attempt, has expressed interest in FTX’s probable plan to restart its cryptocurrency exchange.

According to persons knowledgeable about the situation who asked for anonymity to discuss the plan, Tribal co-founder Arjun Sethi met with FTX’s committee of unsecured creditors to discuss the idea informally in January discussions held in private. According to one of the persons, Tribe is thinking of leading a $250 million fundraising effort, with $100 million coming from itself and limited partners.

John J. Ray III, FTX’s new chief executive, aims to decide in the second quarter whether a restart is viable, according to a presentation in bankruptcy court. FTX attorney Andrew G. Dietderich said in a hearing last week that the company is still in the early stages of evaluating ideas and that the reboot will require significant cash, likely from third-party venture investors.

FTX Exchange Rebooted By Tribe Capital With $250 Million

According to these persons, Tribe’s January plan featured over 9 million user accounts, FTX US, FTX Australia, FTX Japan, FTX EU, FTX International, and LedgerX but excluded venture financing and the death of crypto assets, among other things. The new exchange will still use the moniker FTX.

FTX, Sam Bankman-Fried’s digital asset empire, went bankrupt in November, costing creditors at least $11.6 billion and destabilizing the entire market. Bankman-Fried is awaiting trial in October after pleading not guilty to fraud and campaign finance law charges. As one of the biggest crypto crashes in history, any attempt to restart the exchange would face regulatory severe and compliance challenges.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News

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