3AC, Coinflex founders collaborating to raise $25M for new claims trading exchange
Founders of collapsed crypto hedge fund Three Arrows Capital Su Zhu and Kyle Davies are reportedly trying to raise money for a new cryptocurrency exchange in partnership with Coinflex cofounders Mark Lamb and Sudhu Arumugam. According to a pitch deck, they are looking to raise $25 million.
The proposed new exchange is to be called GTX, according to the presentation. It promised to crack the claims market as well:
“Our legal team will streamline and automate claims onboarding to GTX and make it the dominant marketplace for FTX and other bankrupt companies’ claims.”
Cryptocurrency exchange Coinflex halted withdrawals in June and is in the process of restructuring.
The founders of 3AC, Zhu Su and Kyle Davis, and the two founders of CoinFlex have launched a new project, GTX, which is raising a seed fund of $25m to trade claims from creditors. Su Zhu acknowledged the news to WuBlockchain: “yes, no comment, just busy building it”.
— Wu Blockchain (@WuBlockchain) January 16, 2023
Related: Three Arrows Capital creditors express frustration with bankruptcy process during call