important point
- 3AC co-founders Su Zhu and Kyle Davies want to launch their own cryptocurrency exchange.
- They are seeking $25 million from investors.
- GTX, as the project is called, aims to become an open marketplace for crypto claims.
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Su Zhu and Kyle Davies want to tap into the burgeoning cryptocurrency market by launching their own exchange. The crypto community is not impressed.
GTX
Three Arrows Capital is planning a comeback of sorts.
3AC co-founders Su Zhu and Kyle Davies demand Raises $25 million to launch a new crypto exchange named GTX. They are ventured by CoinFLEX co-founders Mark Lamb and Sudhu Arumugam.
According to the Pitch Desk, GTX will enable the trading of crypto claims in what the document describes as a $20 billion market in matters related to FTX, Celsius, BlockFi, Mt. Gox and other bankrupt crypto companies. increase. After that, the GTX team plans to expand their product offerings to enable the trading of cryptocurrencies, stocks, and foreign exchange.
Zhu and Davies’ cryptocurrency hedge fund 3AC blew up After Terra collapsed in June 2022, it caused a massive contagion within the crypto industry, forcing several crypto lenders to go bankrupt. Unfortunately, the two co-founders have refused to cooperate with the liquidator and creditors. soon We issued them a subpoena through Twitter.
Meanwhile, CoinFLEX was the cryptocurrency exchange that issued a $47 million loan to Bitcoin evangelist Roger Ver. tried to monetize We will deal with that bad debt by issuing a token called rvUSD. It then decided to lay off some of its employees to fund the company’s restructuring.
Unsurprisingly, the GTX Pitch Desk was not well received by the cryptocurrency community. “If you are investing in CoinFLEX/3AC[’s] “Trading” might make working with Wintermute a bit harder in the future (in terms of relationship building). said Evgeny Gaevoy, CEO of Wintermute. “Likewise, we will not be participating in venture rounds where these guys are trying to join the cap table, so founders beware.”
Castle Island co-founder Nick Carter expressed Similar feeling. “You can place ‘contrarian’ ‘comeback story’ bets on whoever you want, even the most dishonorable scammers at the bottom, and that comes at a cost.”
Disclaimer: At the time of writing, the author of this article owned BTC, ETH, and several other crypto assets.