After facing a high-profile collapse last year, bankrupt crypto exchange FTX is determined to make a comeback and revive its international platform, FTX.com. Despite the challenges posed by increased regulatory scrutiny, FTX is forging ahead with its plans under the leadership of CEO John J. Ray III, who took charge in November 2022 when the exchange filed for bankruptcy.
The Wall Street Journal has confirmed that FTX has begun the process of soliciting interested parties to support the relaunch of FTX.com. The firm is engaging potential investors and exploring options such as joint ventures to back the revival of the exchange. In a recent statement, CEO John J. Ray III expressed his determination to bring FTX.com back to life.
To compensate existing customers who suffered losses during the exchange’s collapse, FTX is considering offering them a stake in the revamped entity. This approach aims to provide some form of compensation for their claims and align their interests with the future success of FTX.com. The proposed relaunch also includes plans for rebranding, signaling a fresh start for the defunct crypto exchange.
Among the interested parties looking to support the relaunch is Figure Technologies, a prominent blockchain technology company. Figure has previously been involved in an investment group that competed to revive another bankrupt crypto business, Celsius Network, although it ultimately lost to Fahrenheit. Figure’s potential involvement in FTX’s revival could bring valuable expertise and resources to the table.
Sources close to the matter have revealed that FTX is urging other potential parties interested in participating in the relaunch to notify the company and its advisors before the week’s end. This move suggests that FTX is actively seeking strategic partnerships and investments to ensure a successful revival.
While the focus is on reviving FTX.com, there is currently no indication of a restart for FTX’s U.S. exchange, which constitutes a relatively smaller portion of its business. As the crypto industry continues to evolve, FTX remains determined to reclaim its position as a leading international platform for cryptocurrency trading.
