The founders of the 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 the pitch deck, they want to raise $25 million.
The proposed new exchange will be called GTX, according to the presentation. They promise to settle the claims market as well:
“Our legal team will streamline and automate onboarding claims to GTX and become the dominant marketplace for FTX and other insolvent company claims.”
Cryptocurrency exchange Coinflex stopped 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 raised $25m in seed funding to trade claims from creditors. Su Zhu admitted the news to WuBlockchain: “yes, no comment, just busy building”.
— Wu Blockchain (@WuBlockchain) January 16, 2023
Related: Three Arrows Capital creditors expressed frustration with the bankruptcy process during the phone call