FTT Token surges 17% after FTX confirms relaunch rumors.

FTT Token surges 17% after FTX confirms relaunch rumors.

The Blockchain Industry: FTX Sets Sights on Relaunch

FTT trading

The blockchain industry continues to evolve as bankrupt crypto exchange, FTX, submits a proposal to relaunch its international arm, FTX.com. With plans to reboot as an offshore exchange focused on non-U.S. users, FTX aims to regain its position in the global market.

FTT Gains By 17% Amidst Plans To Terminate Claims

As rumors of FTX.com’s relaunch surfaced, there was a significant price surge in the native token, FTT. CoinMarketCap data shows that FTT experienced a 17% increase on Tuesday, reaching $1.59 from $1.34. Although the token underwent a temporary decline to $1.42, it has been steadily recovering since then.

Interestingly, FTX’s plans for the relaunch also involve canceling all FTT claims due to their “equity-like characteristics.” The draft plan of reorganization explicitly states that claims and interests related to FTT, preferred stock, and equity investments will be canceled and holders will not receive any distribution. Despite this announcement, FTT’s trading price currently sits at $1.45, representing a 7.39% increase in the past 24 hours. Moreover, the token’s daily trading volume has soared by an impressive 378.65%, now valued at $43.8 million.

FTX.com To Relaunch As Exchange Plans Settlement For Foreign Customers

To effectively manage its customer data and enhance service efficiency, FTX is introducing a categorization system for claimants. Users of FTX.com will be referred to as Dotcom customers, while FTX U.S. customers will be included in the U.S. Customer Pool. This move aims to streamline operations and provide improved services to valued clients.

Concerning the settlement of Dotcom creditors, FTX proposes collaborating with third-party investors to establish a new offshore platform. This exchange could be formed through a merger or a similar transaction. Instead of a complete cash settlement, the debtors may choose to offer the Dotcom Customer Pool a share of the company in the form of equity securities, tokens, or other interests called “Take-Back Interests.”

The discussions surrounding an FTX.com relaunch began earlier this year when CEO John J. Ray III authorized a team to explore the possibility. In June, the Wall Street Journal reported that FTX had initiated conversations with potential investors to achieve this goal.

In conclusion, the bankruptcy administrators of FTX have outlined a draft plan to relaunch its international arm, FTX.com. With the aim of focusing on non-U.S. users, this relaunch represents FTX’s commitment to regain its position in the blockchain industry. As FTX executes its reorganization plan, the industry eagerly awaits the outcome and the potential impact it may have on the wider blockchain ecosystem.

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