- Tribe Capital might lead a $250 million funding spherical to reboot FTX, based on Bloomberg.
- Tribe’s cofounder Arjun Sethi held talks with the failed crypto change in January, sources mentioned.
- The VC agency and its companions might present $100 million to fund the relaunch, Bloomberg mentioned.
FTX might relaunch – and one among its former backers may spherical up a whole lot of tens of millions of {dollars}’ value of capital to assist its revival efforts, Bloomberg reported on Tuesday.
Tribe Capital is contemplating main a $250 million fundraising effort to assist reboot the failed crypto change, Bloomberg mentioned, citing folks conversant in the matter.
The enterprise capital agency’s co-founder, Arjun Sethi, met with FTX’s committee of unsecured collectors in January to debate the casual proposal, which might be anchored by $100 million of money supplied by Tribe and its restricted companions, per Bloomberg.
San Francisco-based Tribe was based in 2018 and at the moment manages over $1.6 billion value of belongings.
It has beforehand invested in startups together with crypto change Kraken and on-line checkout agency Bolt Funds, in addition to FTX and its American accomplice website, FTX US.
FTX filed for chapter in November after CoinDesk reported its sister buying and selling agency, Alameda Analysis, held the change’s native FTT token as a big proportion of its portfolio. Rival change Binance then introduced it could promote all of its holdings of the token, resulting in clients pulling their funds from FTX.
FTX founder and CEO Sam Bankman-Fried was arrested within the Bahamas the next month and extradited to the US, the place he is been charged with eight counts of fraud.
Restructuring skilled John Ray III, who was appointed as Bankman-Fried’s successor, will determine this quarter whether or not it is viable to relaunch the change, based on a presentation made in a chapter court docket.
Tribe’s proposal in January would relaunch FTX US, FTX Australia, FTX Japan, FTX EU, FTX Worldwide and LedgerX, Bloomberg mentioned.
The revived change would proceed to make use of the FTX title and embrace round 9 million buyer accounts, the publication reported.
FTX and Tribe Capital did not instantly reply to Insider’s requests for remark, made exterior regular working hours.
Learn extra: From Sam Bankman-Fried’s arrest to bitcoin plunging beneath $20,000, listed here are the 9 craziest crypto tales of 2022
