Can FTX be saved? Silicon Valley’s Proof Group thinks so

  • Proof Group, part of the Fahrenheit Consortium, enters the bidding for FTX’s revival after acquiring Celsius.
  • FTX could sell the exchange or seek strategic partners, with a decision expected by mid-December.

Proof group seeks to reshape the future of FTX

In a bid to resuscitate the beleaguered cryptocurrency exchange FTX, Proof Group, a notable Silicon Valley investment firm, has thrown its hat into the fiercely competitive bidding ring. Part of the prestigious Fahrenheit Consortium, Proof Group recently made headlines with its successful acquisition of the troubled crypto-lending institution, Celsius.

Venture capital heavyweights and fintech pioneers compete for control of FTX

It has a track record of shrewd investments in various crypto projects, including Aptos, Lightspark, and Sui, so Proof Group’s expertise and substantial resources are not to be sniffed at. Meanwhile, Figure, a prominent financial technology firm, has expressed a keen interest in spearheading FTX’s relaunch, adding further intensity to the already fierce competition.

Venture capital giant Tribe Capital has also entered the fray, submitting a compelling buyout offer for FTX. As Perella Weinberg Partners, the investment bank overseeing the bidding process, reports, the list of contenders has narrowed down to just three, all vying for the coveted opportunity to steer the future of FTX.

Also read: Is Sam Bankman-Fried guilty? 3 tech lawyers have their say

FTX explores multiple avenues for revival, including a full sale or strategic partnerships

Amid this heated competition, FTX is actively exploring various options for its revival. These options include a potential full sale of the exchange, which has a massive customer base exceeding nine million users. Or it could consider the prospect of forging strategic partnerships to guide the platform into a more successful era.

Also read: FTX trial: Crypto Whizkid faces high-stakes showdown  

A critical decision looms as FTX plans a mid-December relaunch announcement

FTX aims to make its decision before the middle of December. This decision will undoubtedly mark a defining moment in the cryptocurrency exchange industry. With multiple renowned contenders vying for the helm, the outcome of this high-stakes competition will significantly shape the landscape of digital asset trading in the months and years to come.


Flavie Du

Flavie Du was a senior writer at BTW media focused on blockchain and fintech investment. She graduated from King’s College London.

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