FTX’s potential plan to reboot its crypto exchange has attracted interest from Tribe Capital, a venture firm that invested in the platform before FTX collapsed and is now considering a fresh capital injection to jump-start the effort, Bloomberg News reported. Tribe co-founder Arjun Sethi met with FTX’s committee of unsecured creditors in January to discuss the informal proposal. Tribe is considering leading a $250 million fund-raising campaign, anchored by $100 million from itself and its limited partners. Founded in 2018, Tribe was a venture investor in both FTX, the international exchange, and FTX US, the American entity. With more than $1.6 billion under management, the San Francisco-based firm invests in a range of startups, including crypto platform Kraken, payments firm Bolt, and e-commerce vendor Shiprocket. John J. Ray III, FTX’s new chief executive officer, aims to decide in the second quarter whether a restart is feasible, according to a presentation in bankruptcy court. FTX attorney Andrew G. Dietderich said during a hearing last week that the company is still in the early stages of assessing the idea, and that a restart would require a significant amount of cash, which may come from third-party investors.
