- FTX sets sights on revival, actively seeking investors to relive its FTX.com.
- Existing customers may be offered a stake in the rebranded entity.
- FTX’s FTT experiences a significant surge in value following the news.
Bankrupt FTX, the embattled crypto exchange that faced a high-profile collapse last year, is determined to return and revive its international platform, FTX.com. Despite the challenges posed by increased regulatory scrutiny, FTX is forging ahead with its plans, as The Wall Street Journal confirmed.
Under the leadership of CEO John J. Ray III, who took charge in November 2022 when the exchange filed for bankruptcy, FTX has sought interested parties to support the relaunch of FTX.com. In the words of the CEO:
[FTX] has begun the process of soliciting interested parties to the reboot of the FTX.com exchange.
The firm is engaging potential investors and exploring options like joint ventures to back the revival of the exchange. Sources familiar with the matter revealed that existing customers might be offered a stake in the revamped entity as compensation for their claims. As part of the relaunch, the defunct crypto exchange will likely undergo rebranding, signaling a fresh start.
The news of FTX’s resurgence sparked enthusiasm among investors, boosting the value of its FTT token. CoinGecko reported an over 14% surge in FTT’s price last Wednesday, reaching a seven-week high of $1.50.
Notably, Figure Technologies, a prominent blockchain technology company, has emerged as one of the parties interested in supporting FTX’s relaunch. Previously, Figure was involved in an investment group that competed to revive another bankrupt crypto business, Celsius Network, ultimately losing to Fahrenheit.
Other potential parties keen on participating in the revival of FTX have been urged to notify the company and its advisors before the week’s end, according to sources close to the matter. While the focus remains on reviving FTX, there is no indication of a restart for FTX’s U.S. exchange, constituting a relatively smaller portion of its business.
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