Breaking: FTX Has Begun Talks to Relaunch International Exchange – Rebranding Will Likely Be Part of the Process
The failed crypto company FTX is apparently having initial talks with investors on bringing back the FTX.com exchange through structures such as a joint venture, a WSJ report said.
It is expected that FTX would undergo a rebranding process and also involve potential compensation arrangements for specific current clients, through the provision of ownership stakes in the restructured company, a source familiar with the matter told the Journal.
The newly appointed CEO John J. Ray III, who took office in November 2022 when FTX filed for bankruptcy, confirmed that the company has begun the process of reaching out to stakeholders for the relaunch of the FTX.com exchange.
“The company has begun the process of soliciting interested parties to the reboot of the FTX.com exchange.”
In May, a court filing revealed that John Ray is working on a FTX 2.0 reboot plan and according to a Cointelegraph report, he had scheduled a series of meetings with creditors and debtors in the past month.
Figure, a financial services company leveraging blockchain technology, has come forward in helping revive the international exchange, the source added. Additionally, interested parties that wish to participate in the relaunching of FTX, can submit their interest to the company and its advisers, this week.
FTX’s ongoing efforts to retrieve its operations come at a time when the entire crypto industry scrutiny is intensifying. Several jurisdictions and regulatory bodies worldwide are ramping up their supervision on the asset class.
Another serious challenge in revamping the exchange would be reviving billions of customer funds. A forensic audit of FTX’s assets, after Ray took over the office, revealed a “massive shortfall” of about $9 billion customer funds.
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