FTX’s damaged crypto exchange has been the talk of the town lately due to its auction and impending re-launch. Among the numerous bids received, three main contenders are vying for the opportunity, with Tom Farley’s Bullish leading the pack.
As reported by The Wall Street Journal, Bullish, the crypto trading platform owned by former NYSE President Tom Farley, is a key player in the FTX auction. Blockchain expert Colin Wu shared the identities of the top three companies competing to spearhead the FTX re-launch.
Out of the 70 companies expressing interest in taking charge of the exchange’s re-launch, only three have made the cut. Farley’s Bullish, financial technology and digital assets firm Figure Technologies, and venture capital investor Proof Group are the chosen suitors.
A court hearing revealed that investment banker Kevin Cofsky from Perella Weinberg Partners anticipates a final decision by December. He stated,
“We’ve narrowed the field from a large number to a smaller number in what we’re calling our second round. I am optimistic that we will have either a plan for a reorganized exchange, a partnership agreement, or a stalking horse for a sale, on or prior to the December 16 milestone date.”
The winning company stands to rejuvenate and rebrand FTX, with plans to potentially relaunch and expand its services in the coming year. Customers may receive shares of the reinvigorated exchange or newly traded tokens as a form of compensation for their losses.