FTX could relaunch – and one of its former VC backers may lead a $250 million funding round to revive the failed exchange, report says

The logo of FTX at the entrance of the FTX Arena in Miami, Florida.
Tribe Capital may lead a $250 million funding round to reboot FTX, according to Bloomberg.
Tribe’s cofounder Arjun Sethi held talks with the failed crypto exchange in January, sources said.
The VC firm and its partners could provide $100 million to fund the relaunch, Bloomberg said.

FTX could relaunch – and one of its former backers might round up hundreds of millions of dollars’ worth of capital to aid its revival efforts, Bloomberg reported on Tuesday.

Tribe Capital is considering leading a $250 million fundraising effort to help reboot the failed crypto exchange, Bloomberg said, citing people familiar with the matter.

The venture capital firm’s co-founder, Arjun Sethi, met with FTX’s committee of unsecured creditors in January to discuss the informal proposal, which would be anchored by $100 million of cash provided by Tribe and its limited partners, per Bloomberg.

San Francisco-based Tribe was founded in 2018…

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This article was written by George Glover and originally published on markets.businessinsider.com