Tribe Capital, a venture capital firm, has shown interest in leading a $250 million fundraising campaign to reboot FTX, the collapsed cryptocurrency exchange.
The report stated that the VC firm had met with FTX’s committee of unsecured creditors to discuss an informal proposal. The revived exchange would continue to use the FTX name, and it would include FTX US, FTX Australia, FTX Japan, FTX EU, FTX International, and LedgerX, excluding “a venture capital portfolio and crypto assets, among others.”
While the creditors’ committee tweeted that there isn’t a set timeline for a reboot or sale at this time, FTX has managed to recover over $7.3 billion in cash and liquid crypto assets, according to Andy Dietderich, an attorney for the company. FTX aims to file a preliminary Chapter 11 plan by July, offering the company a path out of bankruptcy.
Meanwhile, the news has positively impacted the price of FTT, the native token of FTX, which is trading at $2.09, up by 12.1% over the past 24 hours.