- FTX, the bankrupt cryptocurrency exchange, has started talks with investors to relaunch its operations.
- FTX is likely to rebrand as part of its comeback process and offer shares in the new company to investors.
, the native token of FTX, experienced a significant increase in price following the news.
FTX in Talks with Investors to Relaunch Operations
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FTX, the cryptocurrency exchange that caused billions of dollars in damages with its bankruptcy, is taking steps to make a comeback. According to a report by the Wall Street Journal (WSJ), FTX has started talks with relevant investors to discuss its return.
Rebranding and Offering Shares to Investors
Sources familiar with the matter revealed that FTX is seeking a joint venture to potentially relaunch its operations, and preliminary discussions are being held with interested investors. As part of the comeback process, FTX is likely to undergo rebranding and present itself under a new brand name. During the preliminary discussions, investors will be offered shares in the new company.
Support from Figure and Price Surge of FTT
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Figure, a company focused on blockchain developments, is one of the parties eager to support FTX in its restructuring process. Figure has previously appeared in the restructuring plan of the bankrupt Celsius Network (CEL), but its offer was not sufficient to secure the bid.
Following the news, the price of FTT, the native token of FTX, experienced a significant surge. CoinGecko data shows that FTT has seen an 18% increase in the past 24 hours, reaching $1.43. Over the past week, FTT has shown a 48% increase, attracting attention from cryptocurrency enthusiasts. Currently, FTT is trading at $1.42.
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In a statement, John J. Ray, the CEO of FTX, confirmed the talks with relevant parties for the relaunch of the exchange.
“We have started the process of discussing the relaunch of FTX exchange with the relevant parties.”