FTX Exchange's Revival Plan Attracts Potential Bid from Tribe Capital – Will Sam Bankman-Fried Be Involved?
An effort to revive collapsed crypto exchange FTX has drawn interest from Tribe Capital, a venture firm seeking to lead a $250 million fundraising campaign for the new platform.
According to a Tuesday report from Bloomberg, Tribe is considering injecting new capital to reboot FTX.
The VC firm aims to spearhead a $250 million fund-raising campaign, anchored by $100 million from itself and its limited partners.
The report said that Tribe co-founder Arjun Sethi has already met with FTX’s committee of unsecured creditors to discuss the informal proposal.
The proposal included an estimated 9 million customer accounts, FTX US, FTX Australia, FTX Japan, FTX EU, FTX International, and LedgerX.
However, it excludes "a venture capital portfolio and crypto assets, among others," the report said.
The new exchange, under the recent proposal, would continue to use the FTX name.
Notably, there was no mention of the previous leadership or Sam Bankman-Fried, the disgraced founder of the exchange.
"The Committee is working with the Debtors to evaluate all options to reboot or sell the FTX exchanges and create value for creditors," the FTX creditors' committee tweeted on Tuesday, adding that there isn't a set timeline for a reboot or sale at this time.
Tribe Capital is a private venture capital firm headquartered in San Francisco, California, that invests in seed-stage and early-stage technology companies.
The company had previously invested in both FTX and its US arm, FTX US.
With more than $1.6 billion under management, Tribe has a wide range of crypto and tech startups in its portfolio, including crypto exchange Kraken, Estonian mobility company Bolt, and shipping logistics service provider Shiprocket.
As reported, FTX has managed to recover
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