• The founders of Three Arrows Capital (3AC), Su Zhu and Kyle Davies, are reportedly looking to raise $25 million for a new cryptocurrency exchange called GTX.
• The proposed exchange is specifically targeting claims against bankrupt firms and will allow customers to use claims as collateral for trading.
• GTX could expand into regulated markets such as the stock market and fill the power vacuum left by FTX.
The cryptocurrency industry recently saw the launch of a new exchange venture. The founders of Three Arrows Capital (3AC), Su Zhu and Kyle Davies, have teamed up with Coinflex co-founders Mark Lamb and Sudhu Arumugam to launch their new exchange, GTX. The team has reportedly raised $25 million in funding for the project.
The new exchange is designed to target claims against bankrupt firms. According to the project’s pitch deck, the company intends to launch as soon as possible and estimates the claims market to be worth around $20 billion. The new platform will allow customers to use claims as collateral for trading, allowing users to use their claims to purchase other assets.
The team is also hoping to expand GTX into regulated markets such as the stock market. This would allow users to access stocks, ETFs, and commodities. The exchange is also looking to fill the power vacuum left by FTX, which collapsed earlier this year. The team is looking to streamline and automate claims onboarding to the platform and make it the dominant marketplace for FTX and other bankrupt companies’ claims.
The exchange is set to launch soon, but the team is still working hard to ensure that the platform is secure and reliable. They are also looking to partner with other exchanges and institutions to provide liquidity and allow users to access a wider range of assets.
Overall, the launch of GTX is an exciting development in the cryptocurrency industry. The platform could potentially revolutionize the claims market and provide users with much-needed liquidity. The team is also looking to expand into regulated markets and fill the void left by FTX, potentially making GTX a major player in the industry. Only time will tell if the project is successful, but the potential is certainly there.