• Founders of the collapsed crypto hedge fund Three Arrows Capital, Su Zhu and Kyle Davies, are raising $25 million for a new cryptocurrency exchange known as GTX.
• The exchange will allow depositors to transfer their FTX claims to the GTX exchange and get credit using a token known as USDG.
• The GTX executive team comprises several executives from CoinFlex, including the chief technology officer and the general counsel.
The crypto community is abuzz with news that the founders of the collapsed crypto hedge fund Three Arrows Capital (3AC), Su Zhu and Kyle Davies, are making plans to raise $25 million for a new cryptocurrency exchange known as GTX. This news has sent shockwaves through the crypto industry, as 3AC’s collapse was one of the biggest failures in the crypto industry in 2022.
The new GTX exchange is planning to fill the gap that FTX has left behind. GTX is a spinoff from „FTX,“ with one of the pitch decks even using the phrase „because G comes after F.“ The pitch deck says that the exchange will allow depositors to transfer their FTX claims to the GTX exchange and get credit using a token known as USDG.
The 3AC duo is teaming up with Mark Lamb and Sudhu Arumugam, the co-founders of CoinFlex. CoinFlex is an exchange that is also in the process of restructuring. The GTX executive team comprises several executives from CoinFlex, including the chief technology officer and the general counsel. GTX will use the technology provided by CoinFlex to create the exchange. The exchange’s legal team will also oversee the recent claims triggered by multiple bankruptcies, including that of firms like Celsius and Voyager.
The exchange plans to launch as early as February. With the new exchange, the 3AC duo hope to make up for the losses caused by the collapse of their previous venture. The crypto community is excited to see what the duo can bring to the table with a new venture.
The launch of the new exchange will also bring a renewed focus on the crypto industry and its regulation. With the launch of GTX, the industry will be able to see how the exchange works and whether it can bring a much-needed level of transparency. This could help the industry in its efforts to be more regulated, as well as help to create a more secure investing environment.
The news of 3AC’s comeback has been met with some trepidation, as many are still wary of the team after the collapse of their last venture. However, with the new exchange, the 3AC duo are hoping to prove that they can be trusted and that they have learned from their mistakes. Only time will tell if they are able to turn the situation around and make GTX a success.