Hassan Maishera
TL;DR
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Collapsed crypto exchange FTX is reportedly looking to reboot, less than a year after its bankruptcy filing.
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Venture capital firm Tribe Capital is interested in investing in the crypto exchange.
Tribe Capital Reportedly Interested In Investing In FTX
Venture capital firm Tribe Capital is looking to invest in the now-defunct crypto exchange FTX as it looks to restart operations. This is according to a recent report by Bloomberg, citing people familiar with the matter.
According to the report, Tribe Capital is looking to raise $250 million, with a $100 million commitment from itself to invest in FTX’s reboot. This report comes as a surprise, as Tribe was one of FTX’s investors prior to its collapse.
A source revealed to Bloomberg that the Tribe Capital co-founder Arjun Sethi met with FTX’s official committee of unsecured creditors earlier this year to discuss an informal proposal.
FTX creditors' committee revealed earlier this week that they are working with debtors to evaluate all options to reboot or sell the FTX exchanges and create value for creditors. However, there is no set timeline for a reboot or sale at the moment.
FTX’s current CEO John J. Ray III, told the Wall Street Journal earlier this year that the estate is exploring restarting the crypto exchange. The committee pointed out that 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.
FTT, the native token of the FTX exchange, is up by more than 10% on news that Tribe Capital is looking to invest in the exchange’s reboot.
