The collapsed cryptocurrency exchange FTX is looking to make a comeback. There are ongoing efforts and plans to relaunch FTX after it went bankrupt nearly one year ago. This caused major shockwaves throughout the crypto industry when one of the largest exchanges failed.
Since the bankruptcy, FTX has received multiple bids from entities looking to revive the exchange. The bids have now been narrowed down to a shortlist of three potential options, according to Perella Weinberg Partners, the investment bank advising on the process. A decision on how to proceed is expected by mid-December.
One of the bidders is Silicon Valley investment firm Proof Group, which was part of the consortium that successfully acquired the bankrupt cryptocurrency lending platform Celsius. Proof Group has experience in crypto, as it is an investor in several crypto startups such as Aptos, Lightspark, and Sui.
Other firms reported to be interested in reviving FTX include fintech and digital assets company Figure, which also bid on Celsius but lost out. Venture capital firm Tribe Capital also submitted a bid for FTX. The options for FTX include selling the exchange entirely or bringing on a strategic partner. Another path is relaunching FTX and retaining its valuable base of 9 million customers.
Whichever path is chosen, the relaunch of FTX has the potential to restore confidence in the crypto market after the massive failure of a top exchange. However, it remains to be seen if customers will trust FTX again and use a revived platform. The investors and partners involved will need to establish trust and transparency for a successful FTX relaunch.
#FTX #Cryptocurrency #Blockchain #Web3 #Celsius
