FTX’s native token FTT added nearly 15 per cent on Wednesday to reach the seven-week peak of $1.51, before pulling back to $1.45

FTX Chief Executive Officer John J. Ray III is going ahead with his attempts to renew the bankrupt cryptocurrency exchange, as per a Wall Street Journal (WSJ) report.

As per Ray, the firm has started the process of asking interested parties to restart the FTX.com exchange.

According to people familiar with the discussions, the failed crypto company has engaged in initial negotiations with potential investors to assist a renewal of the international exchange FTX.com, potentially via a JV.

The sources told Wall Street Journal that there is a probability current customers might be offered a stake in the renewed entity as compensation against their claims.

It is possible that the defunct crypto exchange would go through revamping as part of this renewal, the sources added. And there has been no sign of a revival of FTX’s U.S. exchange, which made up a comparatively small part of its business.

Bolstered by the news, FTX’s native token FTT added nearly 15 per cent on Wednesday to reach the seven-week peak of $1.51, before pulling back to $1.45 at one point, as per CoinGecko.

Among the parties interested in assisting the relaunch of FTX, Wall Street Journal sources cited Figure, a blockchain technology firm that was earlier part of an investment group that contended for the opportunity to relaunch Celsius Network, one more insolvent crypto business. Figure eventually lost to Fahrenheit, a crypto consortium that consists of Bitcoin miner US Bitcoin Corp. and investment company Arrington Capital.

Other potential parties looking to take part in the FTX relaunch are required to inform the firm and its advisors by the end of the week, as per sources familiar with the matter.

Ray, who assumed leadership in November last year when FTX filed for insolvency, first floated the idea of a possible FTX restart in January this year.

There are stakeholders we are working with who have recognised what they see is a feasible business, Ray stated at the time.

In April, FTX’s lead attorney Andy Dietderich also proposed that the crypto exchange may be resuscitated, although there was not “any particular path forward” on the table.