FTX Teases Major Upgrade with FTX 2.0 Launch

The new FTX CEO has disclosed that strategies are in place for launching another version of FTX.

John Ray, the New FTX CEO says that revival plans have been in place for months and could soon become a reality.

On May 22, The FTX team shared a report eulogizing the efforts Ray put into FTX to ensure the debtor’s best interest especially when the company was facing Chapter 11 bankruptcy.

The FTX CEO’s talk about launching a 2.0 FTX caught the crypto community’s attention. Although at the time of this disclosure, the company had discovered $5.5 billion in liquid assets. Also, in May, the company had also recovered about $7.3 billion in assets aimed towards restarting the exchange.

Recent court-filled documents depict that Ray’s plans are under consideration. The fillings also confirmed the series of meetings held between Ray the new CEO with creditors and debtors in the past month.

FTX 2.0 Coalition

2023-05-24 20:17

FTX CEO John Ray III confirms FTX 2.0 plans. https://t.co/FeCXOvdrt0

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Some Key Issues Raised at The Meeting

One of the key points raised at the meeting is restructuring the exchange as well as reviewing plans towards restarting operations in the exchange. The team also emphasize the need to have the necessary material and resources to push forward this launch.

Towards this end, FTX will be entering a bidding process.

How the Crypto Community is Reacting

The FTX token seems to be gaining attention after the pronouncement of a relaunch. The token has jumped by over 13% from its last position according to statistics from TradingView.

In addition, some people in the community have been chanting praises at the new CEO for this initiative in the hope that it would give relief to creditors of the exchange.

DegenSpartan, a prominent Twitter influencer claimed that he is optimistic that the new FTX will be of maximum benefit to the community and also a path to recovery for all parties involved.

He also stated that many creditors would sell cheaply just to get out of those pools of assets, and it could eventually turn the crypto exchange solvent again.

However, not everyone shares the view of DegenSpartan. Some individuals in the community claim that the company is built on fraud and that its activities will remain fraudulent.

Allowing FTX to continue operations, according to one Twitter user, would be a sinister move. Because of all the “plucking” they have done to our industry, the user claimed that FTX “literally has blood on its hands.”

Conclusion

John Ray’s motives seem to be a good one for the company because some of the crypto community are already chanting high prices at him. However, it is worth noting that FTX might find it challenging to gain the trust of the majority in the community. In fact, many think that  “FTX have blood on their hands.” It is also too early to forget the various incident that happened after FTX’s exit from the market.  Therefore, there is a need for serious reputation management if the company is to survive.