In a bold move that could signal a significant turnaround in the cryptocurrency industry, Tom Farley, the former president of the New York Stock Exchange (NYSE), is reportedly making strides to relaunch the bankrupt crypto exchange FTX.
According to a report published by The Wall Street Journal (WSJ) yesterday, Farley’s technology firm, Bullish, is actively participating in an auction to acquire the remnants of FTX.
Tom Farley, the current CEO of Bullish, a regulated digital asset exchange, is known for his strategic leadership in the financial services sector, particularly within the digital assets and blockchain space. At Bullish, Farley is responsible for steering the company’s strategic direction, focusing on the intersection of finance and emerging technologies.
Before taking the reins at Bullish in May 2023, Farley had a notable tenure as Chairman of Global Blue Group Holding AG, a company that trades on the New York Stock Exchange. His experience also includes leading Far Peak Acquisition Corporation and Far Point Acquisition Corporation as CEO and President, where he played a pivotal role in navigating the companies through the fintech industry’s evolving landscape.
Farley’s prominence in the financial world was cemented during his time as President of the New York Stock Exchange from 2014 to 2018. There, he managed the operations of the world’s largest equities listing and securities trading venue, overseeing a period of significant change and technological advancement in the exchange’s operations.
His earlier career was shaped by a series of strategic roles at the Intercontinental Exchange (ICE), including serving as Senior Vice President and later as President, COO, and Board Member of ICE Futures US. These roles saw him managing financial products and contributing to the company’s growth in the derivatives and futures markets.
Bullish is not the only party interested in FTX. It is one of three contenders in the running to purchase the assets of the once-prominent exchange. Initially, the interest in acquiring FTX was quite substantial, with 70 different entities showing intent. This number has since been whittled down to just three firms, with the final decision expected to be made by December.
The WSJ report notes that while a frontrunner is expected to emerge from this process, the possibility of a new suitor entering the fray at any moment remains. It is also important to highlight that FTX’s assets located in the Bahamas are not included in the ongoing sales process.
The other two competitors alongside Bullish are Figure Technologies, a fintech startup, and Proof Group, a venture capital firm. The outcome of this auction could have far-reaching implications for the future landscape of the cryptocurrency exchange market.