By Hassan Mehmood (Saudi Arabia)
FTX is a cryptocurrency exchange that has gone down in history as one of the most catastrophic financial events. However, the firm has recently informed the media that it is working on a reboot.
The latest media reports claim that FTX CEO has planned a comeback in the international markets despite the regulatory challenges it is currently facing.
The news has been confirmed by WSJ that the FTX exchange is conducting meetings with potential investors and other interested parties to relaunch the defunct exchange.
The current CEO of FTX namely John Ray the Third joined the company position in November 2022. This was the same time when the former CEO of FTX, Sam Bankman Fried, was fired and the firm filed for Chapter 11 bankruptcy proceedings.
Ray has told journalists that the firm has started to advocate for the second launch of the platform among interested parties who are looking for cryptocurrency commercial investments.
FTX exchange is currently looking for potential investors to sponsor its second launch. At the same time, the firm is also exploring options such as joint ventures to make a comeback.
Meanwhile, there are also reports that the existing consumers of the firm who suffered from losses after its bankruptcy may qualify for a stake in the new trading platform. There is a high probability of rebranding before the next debut of the exchange.
Also read:Many cryptocurrency investors are excited about the news of FTX’s comeback. As a direct result, the price of the news FTT token has improved. CoinGecko indicated a 14% appreciation of FTT tokens since last Wednesday. With the new price momentum, FTT is standing at its highest price level of $1.50 in seven days.
One of the firms that have shown an interest in sponsoring FTX is Figure Technologies. FT is a blockchain development company and it sponsored other defunct crypto projects such as Celsius but lost the bid to Fahrenheit.
Bankrupt FTX May Need More Time to Make a Comeback
At present, FTX is focusing its attention on re-establishing its international trading platform. However, the firm has refrained from commenting anything about its out-of-commission USA wing.
The officials of FTX have not shared any details regarding plans to revive its American branch. Media outlets suggest that there are currently no signs of FTX.US making a comeback. In comparison to the international dashboard of the firm, the USA branch managed a comparatively smaller trading volume.
FTX exchange collapse had a big impact on the entire cryptocurrency market. Several big investors who held stakes in FTT tokens went out of commission following its demise. At the same time, the collapse of the firm also led to the decline of investor trust in the crypto markets.
However, things might be improving for the crypto market at present while the regulatory environment for crypto entities in America remains bleak.
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