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

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18/04/2023 17:48

(Adds details from report, background)
       April 18 (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.
    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. 
     

 (Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shailesh
Kuber)
 ((Mehnaz.Yasmin@thomsonreuters.com;))