1 year ago
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Proposal for FTX Exchange Reopening?
US venture capital firm Tribe Capital is interested in rebuilding the failed cryptocurrency exchange FTX. Bloomberg reported, citing sources familiar with the matter.
Tribe Capital co-founder Arjun Sethi said he met with FTX’s unsecured creditors’ committee in January to discuss a proposal to inject capital into FTX.
Tribe Capital is reportedly considering leading a funding round of about ¥33.5 billion ($250 million), with about ¥13.4 billion ($100 million) from itself and its partners. .
Tribe Capital had made proposals to restructure around 9 million customer accounts, FTX US, FTX Australia, FTX Japan, FTX EU, FTX International and LedgerX, according to sources familiar with the matter.
The venture capital portfolio and cryptocurrencies owned by FTX will not be handed over.
Tribe Capital is a San Francisco-based venture capital firm with approximately ¥214.4 billion (approximately $1.6 billion) in assets under management. It has investments in Apollo.io, Carta, Kraken, Instabase, Shiprocket and others.
FTX Japan, a Japanese subsidiary of FTX, plans to hold an auction to sell its business. According to the schedule announced in February, the bidding date is April 19th, the auction date is April 26th, and the sale decision date is after May 1st.
connection: FTX Japan’s business sale auction, bidding deadline extended
What is FTX
Since its establishment in 2019, it has rapidly made a name for itself and has grown into a major exchange after Binance, the largest exchange in the industry. It went bankrupt after that and filed for bankruptcy in the United States in November.
Cryptocurrency Glossary
Unsecured Creditors Committee Statement
The Committee is working with the Debtors to evaluate all options to reboot or sell the FTX exchanges and create value for creditors.
— Official Committee of Unsecured Creditors of FTX (@FTX_Committee) April 18, 2023
In response to the report, FTX’s Unsecured Creditors Committee said, “At this time, there is no clear timeline for the reopening or sale of the exchange.”
The Commission will work with the debtor, FTX, to explore all options for reopening or selling the exchange to create value for its creditors.
Until the formal process begins, anyone interested in reopening the FTX exchange should get in touch. We will keep our creditors updated on progress.
Considering the reopening of the exchange
FTX’s lawyers testified at a bankruptcy court hearing yesterday, reporting that the exchange is considering reopening. He also said that FTX currently has assets worth about ¥970 billion ($7.3 billion).
We are discussing the option of reopening the cryptocurrency exchange with the Unsecured Creditors Committee and other interested parties, and we may make a decision on it this quarter (April-June). ing.
connection: FTX considers reopening of virtual currency exchange
The post US VC Tribe Capital proposes to invest in FTX restart = report appeared first on Our Bitcoin News.
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