Executive Summary: Is the FTX 2.0 Launch Coming?
In this article, I discuss the idea to relaunch the exchange as "FTX 2.0." I examine concerns and alternate ideas proposed and analyze the overall uncertainty around whether FTX 2.0 will actually happen.
Summary: There is discussion around relaunching the failed FTX exchange as "FTX 2.0" to potentially return funds to creditors faster, but questions remain around reputation, volume, and regulatory priority.
What is FTX 2.0:
- Idea floated by new FTX CEO to relaunch exchange to make creditors whole
- "FTX 2.0 Coalition" formed in support of the idea
How it would work:
- FTX exchange itself was profitable, issue was leadership
- Could innovate and take market share from competitors like Binance
- Precedent with relaunch of fallen exchange Bitfinex
Viability concerns:
- Reputation severely damaged after collapse
- Spot volumes declining across exchanges
- IRS tax claim could get priority over creditors
Alternate ideas:
- Launch debt claims on new exchange for creditors to sort out
- Restructuring may return funds faster than relaunch
Unclear if FTX 2.0 will happen:
- Supporters believe it could return funds quicker
- Others skeptical it can work or better options exist
Full article:
Is the FTX 2.0 Launch Coming? | CoinMarketCap
John Ray III, the new CEO of FTX, billed for work around several FTX 2.0 items — suggesting a possible FTX relaunch could be in the works.
CoinMarketCap