FTX Reboot Plan Attracts VC Firm Tribe Capital: Report

• FTX, a bankrupt crypto exchange, has drawn a bid from venture capital firm Tribe Capital.
• Tribe is considering leading a $250 million fund raise with a $100 million commitment from itself.
• FTX’s exchange token FTT jumped as much as 23% on news of the Tribe Capital bid.

FTX Reboot Plan Attracts Interest From VC Firm

The bankrupt crypto exchange FTX’s plan to restart operations has attracted a bid from venture capital firm Tribe Capital, according to Bloomberg. The firm is reportedly considering leading a $250 million fund raise with a $100 million commitment from itself. Furthermore, FTX’s exchange token FTT jumped as much as 23% on news of the Tribe Capital bid.

Tribe Capital Co-Founder Meets With Creditors

Tribe Capital co-founder Arjun Sethi met with FTX’s official committee of unsecured creditors in January to go over an informal proposal. The Creditors’ Committee also tweeted that they are working with the Debtors to evaluate all options to reboot or sell the FTX exchanges and create value for creditors.

John J Ray III Comments On Plan To Reopen Exchange

John J Ray III, the current chief of FTX, told the Wall Street Journal in January that the estate is exploring restarting the crypto exchange – something his attorneys reiterated earlier this month. As such, parties interested in purchasing or sponsoring a reboot of the FTX exchanges should contact the Debtors and the Committee according to their latest tweet.

Response From FTX And Tribe Capital

FTX debtors and Tribe capital declined to comment on any potential plans when reached for comment by Bloomberg reporters.

Conclusion

It remains unknown if and when Tribes will purchase or sponsor FTX’s reboot operation but it is clear that there are investors interested in reviving this crypto platform once again despite its bankruptcy status last November.