Newly instated FTX CEO, John J. Ray III, has expressed interest in rebooting the failed crypto exchange a couple of times in the past. However, the proposition of a possible reboot has taken shape over the past few months and if recent reports are to be believed, a prominent venture capitalist has shown interest in reviving the exchange with a fresh capital infusion.
Tribe Capital, a venture firm that invested in the platform prior to the FTX crash, is now mulling a fresh capital injection of $250 million to jump-start the initiative. According to a Bloomberg report, the Tribe co-founder Arjun Sethi met with FTX’s committee of unsecured creditors to discuss the informal proposal in January.
The report states that the investment firm is considering taking the lead on a fund-raising drive with a target amount of $250 million, with an initial anchor contribution of $100 million from the company and its limited partners. Tribe was an investor in both the international FTX exchange and its American subsidiary, FTX US. The San Francisco-based VC, which has more than $1.6 billion under management, invests in a variety of businesses and has also funded the cryptocurrency exchange Kraken.
(By Pratik Bhuyan)
All Comments