In a recent report by FOX Business, it has been revealed that a company led by former New York Stock Exchange (NYSE) President Tom Farley is among three potential suitors vying to reboot the now-bankrupt cryptocurrency exchange, FTX. Bullish, the crypto exchange headed by Farley,...
FTX Rebirth On The Horizon
Should a new owner take control of the exchange, there is a possibility that customers could receive shares in the rebooted exchange or new tradable tokens as partial compensation for their outstanding debts.
As a result, discussions have occurred among potential bidders regarding rebranding the revived exchange by dropping the FTX name.
Former NYSE President’s Bullish Bid
Tom Farley, the former NYSE President who served from 2014 to 2018, leads Bullish. Figure Technologies, a startup co-founded by former SoFi CEO Mike Cagney, and Proof Group, part of the consortium that successfully bid for bankrupt crypto lender Celsius, are also in the running to purchase FTX.
The sales process for the exchange does not include the exchange’s real-estate portfolio in the Bahamas or other assets. The auction winner is expected to be announced in December, with the potential for a relaunched FTX to compensate customers through equity or tradable tokens.
However, the challenge lies in rebuilding trust and credibility among professional traders who may harbor reservations due to FTX’s history.
As the crypto industry closely monitors the outcome of the exchange auction, the involvement of a former NYSE President and prominent investors underscores the significance of this potential relaunch.
Featured image from Shutterstock, chart from TradingView.com