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FTX revival effort draws possible bid from VC firm Tribe Capital - Bloomberg News

Published 04/18/2023, 12:28 PM
Updated 04/18/2023, 12:51 PM
© Reuters. FILE PHOTO: FTX logo is seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration

(Reuters) -Bankrupt crypto exchange FTX's potential revival has drawn interest from venture firm Tribe Capital, Bloomberg News reported on Tuesday citing people familiar with the matter.

Tribe is considering leading a $250 million fund-raising campaign, anchored by $100 million from itself and its limited partners, the report said citing one of the people.

Bahamas-based FTX collapsed last year and would need significant capital to restart its crypto exchange. FTX filed for U.S. bankruptcy protection in November and its founder Sam Bankman-Fried resigned as chief executive, after the distressed crypto trading platform had struggled to raise billions to stave off collapse.

© Reuters. FILE PHOTO: FTX logo is seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration

FTX and Tribe Capital did not immediately respond to Reuters' requests for comment.

Founded in June 2018, Menlo Park, California-based Tribe manages over $1.6 billion in assets and was an investor in FTX before it became defunct. Led by Chief Executive Officer Arjun Sethi and Chief Financial Officer Omar Chohan, the venture capital fund also had investments in several other cryptocurrency firms such as Kraken, MoonPay and Binance.US.

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