3AC Duo Reunites to Launch Crypto Exchange GTX, Raising $25M
– The founders of the failed crypto hedge fund Three Arrows Capital, Su Zhu and Kyle Davies, are planning to raise $25 million for a new cryptocurrency exchange called GTX.
– GTX is a spinoff from FTX and will allow depositors to transfer their FTX claims and get credit using a token called USDG.
– The executive team of GTX is comprised of executives from CoinFlex, including the chief technology officer and general counsel; the exchange is planning to launch as early as February.
The crypto community has been stirred by the news of the return of Su Zhu and Kyle Davies, the two co-founders of the once-prominent Three Arrows Capital (3AC). The two have been making plans to raise $25 million for a new cryptocurrency exchange, GTX, which is expected to fill the gap that FTX has left behind.
The pitch decks for GTX refer to the exchange as “because G comes after F”, indicating its connection to FTX. The exchange will allow depositors to transfer their FTX claims and get credit using a token called USDG. To make this possible, the 3AC duo is teaming up with Mark Lamb and Sudhu Arumugam, the co-founders of CoinFlex.
GTX will be powered by the technology provided by CoinFlex, an exchange that is also in the process of restructuring. It will also have a legal team to oversee the claims triggered by bankruptcies, such as those of Celsius and Voyager. The executive team of GTX is comprised of several executives from CoinFlex, including the chief technology officer and general counsel.
The launch of GTX is expected to take place as early as February, and the crypto community is eager to see what this exchange can bring to the table. This is especially true given the fact that 3AC’s collapse was one of the biggest failures in the crypto industry in 2022. With a strong executive team and a sound business strategy, GTX could be the revival the crypto community needs.