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FTX to revive crypto exchange

FTX to revive crypto exchange

The bankrupt FTX is continuing with efforts to resuscitate its leading global cryptocurrency exchange, according to a story from the Wall Street Journal on Wednesday.

According to CEO John Ray, the company “has started the process of soliciting interested parties to the reboot of the exchange.”

According to the report, which also cited persons familiar with the conversations, the failing cryptocurrency startup has been in contact with investors about supporting a future revival of the exchange through setups like a joint venture.

As a result of its stunning collapse, which sent tremors through the digital assets market, FTX filed for Chapter 11 bankruptcy protection in the United States in November.

Customers of Sam Bankman-Fried’s cryptocurrency exchange withdrew billions of dollars in the days preceding the disaster, limiting the company’s liquidity.

The most high-profile failure in cryptocurrency in recent years was caused by a rescue agreement that failed with a competing exchange, Binance.

Since then, the industry has struggled under the attention of international regulators, and FTX founder Bankman-Fried is being sued by the US government on charges of fraud.

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