Tribe Capital, a Menlo Park-based venture capital firm with over $1.6 billion in assets under management, is reportedly mulling over a $250 million fundraising campaign to relaunch the failed FTX cryptocurrency exchange.
The plan is said to involve self-financing at least $100 million and attracting partners to raise the remainder, according to anonymous sources cited by Bloomberg.
Tribe Capital had previously invested in FTX prior to the exchange’s bankruptcy filing, alongside other notable crypto firms like Kraken, MoonPay, and Binance.US.
The proposed relaunch comes after FTX’s new CEO, John Ray, announced plans to revive the platform in a bid to repay creditors and customers.
However, FTX’s debts currently total around $11.6 billion, with only $2.8 billion recovered so far, leaving the exchange’s future uncertain.
Legal experts are said to be analyzing potential tax implications and user experience concerns as part of the revival effort.