The San Francisco-based Venture Capital firm, Tribe Capital, is willing to sponsor the collapsed crypto exchange FTX for another beginning, sparking immense interest in the community.
Tribe Capital previously had stakes in both – International FTX Exchange and FTX US, United States Division. According to a Bloomberg report, the venture capital firm is set to launch a fundraising program for FTX with the goal of raising $250 million. The $100 million funding will be led by Tribe Capital and its limited partners, the report said.
According to the rumor, discussions between Tribe Capital co-founder Arjun Sethi and the FTX committee of unsecured creditors were held in January. The agenda behind the meeting was not uncovered then, however, we can now guess what the meeting was about.
Following Tribe Capital’s support for FTX, FTT, the native token of the FTX, gained 19.8% in the intraday session. However, the coin fell again, with the current price trading at the level of $1.88 with an overnight loss of 9.39%.
FTX’s Official Committee of Unsecured Creditors is working closely with creditors to assess all available possibilities for relaunching or selling the FTX Exchange and maximizing the creditors’ benefits, it confirmed on Twitter on April 18.
The restart or sale of the FTX exchanges currently has no set date according to the tweet.
Also read: Federal Court Merges Lawsuits Accusing Silvergate of Aiding FTX
