In a revival attempt, fallen crypto exchange FTX is making strides to relaunch its international platform. The exchange, previously known for its significant standing in the market, faced a severe blow when a whopping $9 billion in customer funds were misappropriated, leading to its collapse last year. Despite this setback, FTX is not ready to give up.
New Beginnings Under New Leadership
Under the leadership of its CEO, John Ray III, FTX is initiating talks with interested parties about the exchange’s relaunch. Ray has been instrumental in setting up a task force dedicated to overseeing the exchange’s restart and has been open to discussions on a potential rebranding. According to insiders, blockchain technology company Figure has shown interest in aiding FTX’s relaunch efforts, having been part of an investment group that previously bid for Celsius Network.
Soliciting Interest, Building a Team
Ray and his team are not just limiting their efforts to the reboot; they are also focusing on compensating existing customers and recruiting new team members.
“The company has begun the process of soliciting interested parties to the reboot of the FTX.com exchange.” John Ray III
FTX has released a list of interested parties under the 363 Sale section of the US Bankruptcy Code. This provision allows for the selling of a company’s assets. Some big names like Nasdaq, Ripple Labs, Galaxy Digital, BlackRock, Tribe Capital, Robinhood, NYDIG, and OKCoin have been mentioned in the court filing on June 22 in the Delaware Bankruptcy Court.
The Plan Ahead
FTX Debtors are planning to conduct the sale process in Q3 or Q4 of this year, while also selecting a “stalking-horse bidder.” Furthermore, some companies are eyeing an investment in FTX 2.0 as the team, led by CEO John Ray III, is hard at work on the bid process letter, onboarding market makers, and planning the relaunch of FTX Japan.
Despite the industry’s current scrutiny from global regulators and FTX founder Bankman-Fried facing a criminal lawsuit by the U.S. government for alleged fraud, the potential restart of the FTX.com exchange offers a glimmer of hope. With talks of a potential joint venture and new investor backing, this could mark a new chapter for FTX, and perhaps, a fresh start for the crypto industry at large.
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- Source: https://coinpedia.org/news/ftx-crypto-exchange-gears-up-for-a-relaunch-heres-how-and-when/
