3AC founders seek to raise $25M for new crypto exchange
Known as "GTX"
Su Zhu and Kyle Davies, the founders of collapsed crypto hedge fund Three Arrows Capital (3AC), are looking to raise $25 million for a new crypto exchange called “GTX.”
According to a pitch deck, the pair are partnering with CoinFLEX co-founders Mark Lamb and Sudhu Arumugam to launch the exchange.
GTX will leverage CoinFLEX’s technology to build the exchange, which aims to help creditors of bankrupt exchanges like FTX, Celsius, BlockFi, and Mt.Gox lay claims on their holdings.
“FTX users are selling claims at ~10% face value for immediate liquidity or waiting 10+ years for the bankruptcy to process disbursements,” the presentation said. It promised to dominate the crypto claims market:
"Our legal team will streamline and automate claims onboarding to GTX and make it the dominant marketplace for FTX and other bankrupt companies’ claims."
Unlike other claims market operators, GTX would allow customers to use claims as collateral for trading. In addition, the company promises to “fill the power vacuum left by FTX” and expand into the securities lending market.
3AC was forced into liquidation on June 27th, and soon after, Su and Davies went missing. They are reportedly now based in Indonesia and the United Arab Emirates, respectively.
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