Former NYSE President Aims to Relaunch Bankrupt Crypto Exchange FTX
The former president of the New York Stock Exchange (NYSE) is reportedly making efforts to revive the bankrupt crypto exchange platform FTX. According to The Wall Street Journal, a company led by Tom Farley, former NYSE president, is participating in an auction and submitting bids to purchase the remains of collapsed digital assets exchange FTX.
Farley’s company, Bullish, which focuses on developing financial services for the crypto industry, is competing with two other companies to acquire FTX. The selling process initially attracted interest from 70 companies, but it has now been narrowed down to three firms. A winner should be determined by December, although there is no guarantee that any of the current bidders will be successful.
The assets of FTX located in the Bahamas are not part of the sales process. The other two groups interested in purchasing FTX include fintech startup Figure Technologies and venture capital firm Proof Group.
FTX was once one of the largest crypto exchanges globally before going under in November 2022. Its founder, Sam Bankman-Fried, was recently convicted of defrauding investors and mishandling billions of dollars worth of customer funds.
Hot Take
The attempt by former NYSE President Tom Farley to relaunch bankrupt crypto exchange FTX shows the growing interest in acquiring and reviving defunct platforms within the cryptocurrency industry. This move reflects the potential for consolidation and growth in the sector as established players seek opportunities to expand their market share and leverage their expertise to reinvigorate struggling platforms.
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