After FTX scrutinized 75 bidders that were interested in restarting the distressed cryptocurrency exchange, only three firms, including Bullish, Figure Technologies, and Proof Group, have been chosen.
The future of the bankrupt cryptocurrency exchange FTX Trading Ltd, popularly known as FTX, is expected to be decided before the end of this year according to the latest report. With the former FTX boss Sam Bankman-Fried (SBF) having been found guilty of all seven charges by a court jury, the FTX estate is more than ready to begin a new era. Moreover, crypto regulations are getting clearer in the United States than they were a year ago, thus motivating more deep-pocketed investors to speculate on the nascent industry.
Finalists Seeking to Reboot FTX Exchange
According to a recent report by the WSJ and Coindesk, three firms are now competing to be selected to facilitate the restarting of the distressed FTX cryptocurrency exchange. Among the firms is Bullish Exchange, a firm that is regulated by the Gibraltar Financial Services Commission (GFSC), and has gained popularity since its inception in 2021. Led by Wall Street veteran Tom Farley as the Chief Executive Officer, Bullish Exchange has grown to a mature market maker with a 24-hour trading volume of about $1 billion.
The other firm in the finalists to take over the FTX crypto exchange is Figure Technologies Inc, a leading fintech company that has significantly grown in the lending business through digital services. Already, Figure Technologies has made a significant entrance into the blockchain industry through its digital fund services.
The third company likely to take over FTX is Proof Group Capital Management LLC, which has also backed several web3 projects including Aptos (APT), and Sui (SUI). According to people familiar with the matter, the FTX estate could choose the winner among the three finalists as early as December. Hence guaranteeing the FTX creditors of a certain path to regaining the lost funds. Moreover, FTX has over 9 million customers and is likely to become profitable by offering customers a reliable and regulated platform to trade digital assets.
With the FTX case almost entirely solved and the creditors made whole again, Bitcoin’s (BTC) price has led the entire altcoin market in a bullish outlook. According to our market oracles, Bitcoin price trades around $36.7k, up approximately 3 percent in the past 24 hours. As a result, the total crypto market capitalization was up about 3.3 percent in the last day to about $1.43 trillion, thus signaling the early stages of the macro bull run. Moreover, more cash flow into the crypto market is expected in the coming years amid the predicted flight to quality following high inflation.