FTX Debtors under the leadership of CEO John Ray III have earlier shared plans to restart the beleaguered crypto exchange FTX as part of the bankruptcy restructuring. On Friday, FTX released the names of parties under the 363 Sale section of the US Bankruptcy Code that allows the selling of a company’s assets.
FTX Releases List of “363 Sales Parties”
According to a court filing on June 22 in the Delaware Bankruptcy Court, FTX’s consultant Alvarez & Marsal released a list of “363 Sales Parties”. It means entities interested in part or whole for the restart of FTX 2.0 and were contacted and signed a non-disclosure agreement seeking more details about the restructuring and reboot of the exchange.
Notable names in the 363 Sales Parties include Nasdaq, Ripple Labs, Galaxy Digital, BlackRock, Tribe Capital, Robinhood, NYDIG, and OKCoin.
However, this won’t be the exclusive list of potential buyers or investors, but parties interested in the crypto exchange. FTX Debtors plan to conduct the sale process in Q3 or Q4 of this year and select a “stalking-horse bidder.” One among these companies will likely be the staking-horse bidder.
Companies are also looking to invest in FTX 2.0 as the team under CEO John Ray III works on bid process letter, interested parties, onboarding market makers, and FTX Japan relaunch.
Meanwhile, several traditional financial firms (TradFi) flock to the crypto industry. BlackRock filed spot Bitcoin ETF, JPMorgan launched Euro blockchain payments using JPM Coin, and crypto exchange EDX Markets-backed by Citadel Securities, Fidelity Digital Assets, and Charles Schwab started crypto trading services. TradFi firms are also showing interest in FTX 2.0.
Media Outlets Appeal Court Decision to Redact Customer Names
Four media outlets Bloomberg, Dow Jones & Company, The New York Times, and The Financial Times appealed the court’s decision to permanently redact customer names of crypto exchange FTX. Bankruptcy Judge John Dorsey ruled that Debtors can keep their individual customers’ names secret as it could expose them to identity theft and other scams.
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