After all that went down with FTX and the crypto space in 2022, FTX could finally be ready to face the world as venture capital firms show an interest in the revival of the cryptocurrency exchange.
FTX could be all set to get its foot back in the crypto market as venture capital firms show interest in the exchangeFTX – the bankrupt crypto exchange – could make a possible comeback with a venture capital firm showing an interest in the reboot. In the previous hearing, FTX attorney – Andy Dietderich –However, for this to be possible, the company needs a significant amount of money. Additionally, this could be drawn either from outside investment or from selling assets.
by Bloomberg Law, Tribe Capital – co-founded by Arjun Sethimet – is considering injecting new capital into the crypto exchange for its revival. The co-founder even held discussions with FTX’s committee of unsecured creditors about the informal proposal. Notably, Tribe Capital’s ties to FTX did not begin after it went bankrupt. The San Fransisco-based company had invested in the defunct crypto exchange before it went under. Moreover, the company has invested in other crypto-centric firms, including Kraken and Binance US.
Tribe Capital plans on launching a fundraising event for FTX’s revival, with the aim of raising $250 million. The venture capital will also be pouring in some of its own money along with roping in its limited partners. The extent of this investment was reported to be $100 million. The amount of capital required for the reboot of FTX is yet to determined.
Furthermore, the Official Committee of Unsecured Creditors of FTX released a statement on the above report. In a Twitter thread, the committeeworking with the Debtors to evaluate all options to reboot or sell the FTX exchanges and create value for creditors.Additionally, the committee also stated that there was no definitive timeframe for the reboot or sale of the exchange at the moment. And, encouraged interested investors and buyers to contact the debtors and the committee.
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