Tribe

Tribe Capital &#8211; a venture capital firm based in San Francisco &#8211; is reportedly considering leading a $250 million fundraising campaign that could help the bankrupt crypto exchange FTX get back on track. 
<ul>
<li>According to a Bloomberg <a class="editor-rtfLink" href="https://www.bnnbloomberg.ca/ftx-crypto-exchange-restart-plan-draws-possible-bid-from-tribe-capital-1.1909208" target="_blank" rel="noopener" data-wpel-link="external">coverage</a>, Tribe Capital&#8217;s co-founder &#8211; Arjun Sethi &#8211; met with FTX&#8217;s committee of unsecured creditors to discuss the multi-million initiative. </li>
</ul>
<blockquote>&#8220;Tribe is considering leading a $250 million fundraising campaign, anchored by $100 million from itself and its limited partners,&#8221; a person familiar with the matter said. </blockquote>
<ul>
<li>FTX&#8217;s committee of unsecured creditors admitted it is &#8220;working with the debtors to evaluate all options to reboot or sell the FTX exchanges.&#8221; However, they said &#8220;there&#8217;s no definitive timetable&#8221; for a revival or sale of the platforms at this time.</li>
<li>The native token FTT surged by 20% shortly after the report, tapping nearly $2.30. In the following hours, though, it retraced.</li>
<li>The former crypto giant, led by Sam Bankman-Fried, <a class="editor-rtfLink" href="https://cryptopotato.com/ftx-and-alameda-file-for-bankruptcy-sbf-resigns-as-ceo/" target="_blank" rel="noopener" data-wpel-link="internal">filed</a> for bankruptcy protection in November last year after revealing severe liquidity cracks and failing to honor customer withdrawal requests.</li>
<li>The event was among the darkest in the world of crypto for the entire 2022 since FTX was among the leaders in its field and was once valued at over $30 billion.</li>
<li>Its demise resulted in catastrophic losses for multiple investors.</li>
<li>Attorneys and bankruptcy experts <a class="editor-rtfLink" href="https://cryptopotato.com/ftxs-recovered-assets-surge-to-7-3-billion-may-restart-exchange-in-2024/" target="_blank" rel="noopener" data-wpel-link="internal">recovered</a> more than $7 billion of assets owed to clients recently and hinted about a possible comeback. </li>
</ul>
The post <a href="https://cryptopotato.com/tribe-capital-interested-in-sponsoring-ftxs-revival-plan-report/" rel="nofollow">Tribe Capital Interested in Sponsoring FTX&#8217;s Revival Plan (Report)</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Tribe Capital Interested in Sponsoring FTX’s Revival Plan (Report)

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