FTX token (FTT) has experienced a rise of 20% after venture capital firm Tribe Capital offered a $250 million package to revive the bankrupt FTX, a crypto exchange. According to news reports, Tribe Capital, a Californian firm with $1.6 billion in AUM, has had discussions with FTX's unsecured creditors on a possible relaunch with a proposed funding of $100 million by itself and its limited partners. This news has been seen in a positive light as it has promoted an increase in the price of FTT, which stands at $2.04 as of presently and has seen almost 8% increase in 24-hour trading volumes amounting to $718 million.

The venture capital firm is known in the tech space for its investments in digital health, cybersecurity and fintech companies. The news of the FTX restart has also seen an increase in on-chain activity. However, other companies associated with FTX have seen its impact of this development as well. A report by Spruce Point Capital suggested that payments firm Nuvei, previously associated with FTX, could have a potential 50% downside in its stock values. This has been in question as the firms have had a partnership way back in November 2021.

Apart from the investor lawsuit served to former NBA star Shaq O'Neal and other celebrities, the news of FTX's relaunch has created a mix of optimistic speculations and apprehensions. It is yet to be seen whether the proposed $250 million package to reboot FTX will come to fruition. Nevertheless, given the recent developments, it is expected that FTX will undoubtedly get a second chance in the crypto space.



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