The Strategist

WSJ: FTX crypto exchange is negotiating on relaunch and rebrand

06/29/2023 - 10:50

According to the WSJ, FTX has started talking to investors about relaunching its cryptocurrency exchange.
Following the exchange's filing for bankruptcy in November 2022, CEO John J. Ray III stated that FTX will recruit investors to revive its eponymous cryptocurrency exchange. According to The Wall Street Journal, which cited sources familiar with the discussions, the cryptocurrency company is discussing possibilities with investors to support the relaunch, with a rebranding awaiting the exchange in any case.

The company "has started the process of engaging stakeholders to restart the exchange," said Ray. The newspaper’s sources not that FTX will rebrand as part of any relaunch possibility. Negotiations with investors involve the possibility of repaying customers of cryptocurrency companies by granting them ownership in any of the reorganized organizations.

The blockchain technology company Figure has expressed interest in the exchange restart initiative. It was formerly a member of an investment group that lost out to a group supported by Fortress Investment Group in its quest to restart Celsius Network, another defunct cryptocurrency company. By the end of this week, parties interested in funding the FTX relaunch or taking part in the initiative are anticipated to express their interest, according to the sources.