FTX, the bankrupt cryptocurrency exchange, is moving closer to relaunching itself as an entirely new exchange.
In a report from the Wall Street Journal on June 28, FTX’s restructuring chief, John Ray, revealed that the company has started seeking interested parties for the relaunch of FTX.com. Discussions have been underway with potential investors regarding financing for this endeavor, with Figure, a blockchain lending company, expressing interest in the process.
Interested bidders have been given a deadline until the end of the week to submit Letters of Intent, outlining the terms and conditions of their participation. It is worth noting that current creditors of FTX may be offered a stake in the restructured crypto exchange, along with other forms of compensation.
FTX, the bankrupt crypto exchange, is anticipated to undergo a rebranding process that will result in a new name. It is likely that the new entity will not be called “FTX 2.0” or any variation of its original name. The exchange intends to adopt a different namesake as part of its rebranding efforts.
Ray and the FTX team believe that initiating a reboot is the optimal approach to maximize creditor repayment. They view this as the most favorable outcome for all parties involved.
Back in April, FTX’s legal team expressed their expectation that the new exchange would be fully launched sometime during the second quarter of 2024.