FTX Reboot Plan Update: Tribe Capital to Lead $250 Million Fund Raise!

FTX's reboot plan attracted Tribe Capital, a San Francisco, California, venture capital firm.

The VC company even said it is considering leading million-dollar fundraising for the collapsed crypto exchange firm.

An anonymous individual, who is familiar with the activities of Tribe Capital, claimed that the company's co-founder, Arjun Sethi, already had a meeting with FTX's official committee.

If this is true, then the financial assistance offered by Tribe Capital would greatly help the crypto exchange service provider to gain back its business.

FTX Reboot Plan Update

According to Coin Desk's latest report, Tribe Capital said it would lead a $250 million fundraise.

The venture capital firm added that it would also have a $100 million commitment after Tribe Capital announced its bid for FTX, the crypto exchange company's FTT token, increased by around 23%.

With this, the value of FTX's exchange token is now higher by 17%.

"The Committee is working with the Debtors to evaluate all options to reboot or sell the FTX exchanges and create value for creditors," said the committee of FTX creditors.

They added that while waiting for a formal process to be released, interested companies in sponsoring the return of FTX exchanges should contact the Debtors and the Committee.

Can FTX Revive From the Dead?

Fast Company reported that restarting the business of FTX will not be easy.

First, the crypto exchange company needs to raise significant capital or convert creditors' holdings into an ownership interest.

Previously, FTX already recovered more than $7 billion in assets, $2 billion in cash, and over $4 billion in cryptocurrency.

Aside from this, the public relations of FTX should also be done efficiently to attract investors.

Click this link to learn more about the latest FTX reboot plan.
Here are other stories we recently wrote about FTX:

The crypto exchange company said they would subpoena former FTX CEO Sam Bankman-Fried.

Over $700 million in FTX assets linked to Bankman-Fried were recently seized by federal prosecutors.

For more news updates about FTX and its reboot plan, always keep your tabs open here at TechTimes.