Investment Firm Proof Group Eyes Revival of Bankrupt Crypto Exchange FTX
Proof Group is one of three bidders eyeing a potential acquisition of the fallen crypto exchange FTX according to multiple sources familiar with the matter.
The investment firm is already familiar with the crypto sector. As part of the Fahrenheit Consortium, the company worked with numerous other investors and crypto businesses, including Arrington Capital, in May to win an auction for Celsius – a crypto lending firm that went bankrupt four months before FTX.
According to a source contacted by Bloomberg, Proof has already approached other investors to gauge potential interest in the bid. CoinDesk was the first to report Proof’s bid on Monday.
Proof’s website shows that the firm has invested in dozens of crypto startups, including the Apto blockchain development team Aptos Labs, cross-chain interoperability network Thorchain, and Lightspark – a company leveraging Bitcoin’s lightning network to enable fast, cheap, and global fiat currency transfers.
The company is also responsible for setting up a staking platform on Celsius as part of the latter platform’s relaunch, bankruptcy filings show. Staking lets investors in certain cryptos generate yield by locking up their tokens to provide security for the networks that they trade on.
Proof Group also includes leadership well-entrenched with crypto industry leaders. Its founder and managing partner, Noah Jessop, was once an executive at Core Scientific – a major Bitcoin mining firm that’s been navigating through its own bankruptcy process since December.
Jessop was also a product manager at Libra–Meta’s failed attempt to launch a USD-pegged stablecoin.
As reported last month, FTX is said to be actively negotiating with its bidders for potential binding offers. Options on the
