The native token of the collapsed FTX exchange, FTT, has seen a significant surge in price in recent days, as speculation and rumors surrounding the exchange’s potential relaunch intensify.
Over the past week, FTT has gained 71.2%, trading at $1.69 at the time of writing. The token’s market cap has also witnessed substantial growth, increasing by around $233 million to reach $556.9 million.
While FTT’s year-to-date rally stands at nearly 110%, the majority of these gains were achieved within the past week.
Recent reports from The Wall Street Journal suggest that the likelihood of FTX’s relaunch is higher than expected. FTX, under the leadership of CEO John J. Ray III, has initiated the process of seeking interested parties for the potential reboot of the FTX.com exchange.
Early discussions with investors have explored various structures, including joint ventures, to back the relaunch.
Should FTX’s revival materialize, a complete rebranding of the exchange is expected. Talks have also touched on potential compensation for existing FTX customers, with the possibility of offering them stakes in the reorganized business.
Mohammed Ali
Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.
