Tribe Capital is raising $250M to relaunch FTX

Tribe Capital is raising $250M to relaunch FTX

Altcoin news, News

Tribe Capital, a San Francisco-based venture capital firm, has expressed a willingness to sponsor the defunct cryptocurrency exchange FTX for a new beginning, piqued the community’s intense interest.

Both International FTX Exchange and FTX US, United States Division were previously owned by Tribe Capital. In order to raise $250 million for FTX, the venture capital firm plans to start a fundraising program, according to a Bloomberg report. According to the report, Tribe Capital and its limited partners will take the lead on the $100 million funding.

The rumor claims that discussions between Arjun Sethi, a co-founder of Tribe Capital, and the FTX committee of unsecured creditors took place in January. Although the meeting’s purpose was not made clear at the time, we can now surmise what it was about.

After Tribe Capital backed FTX, FTT, the FTX native token, increased by 19.8% during the intraday session. But the price of the coin dropped once more, and it is currently trading at $1.88 after losing 9.39% overnight.

The FTX Official Committee of Unsecured Creditors confirmed on April 18 via Twitter that it is closely collaborating with creditors to evaluate all options for restarting or selling the FTX Exchange and maximizing the benefits to creditors.

According to the tweet, there is currently no scheduled date for the restart or sale of the FTX exchanges.

Compiled by Coinbold