Founders of Coinflex and bankrupt crypto hedge fund Three Arrows Capital are looking to raise funds for a new cryptocurrency exchange named GTX.
As per a pitch deck, both parties are looking to raise funds for GTX which is worth $25 million. They propose to specifically target claims against bankrupt firms. “FTX users are selling claims at ~10% face value for immediate liquidity or waiting 10+ years for the bankruptcy to process disbursements,” according to the presentation. It promised to crack the claims market:
“Our legal team will streamline and automate claims onboarding to GTX and make it the dominant marketplace for FTX and other bankrupt companies’ claims.”
The newly proposed GTX exchange will let customers use claims as collateral for trading, unlike competing claims market operators.
Additionally, the GTX exchange could “fill the power vacuum left by FTX” and expand into regulated markets such as the stock market.
Coinflex cryptocurrency exchange paused withdrawals in mid-2022, it resumed withdrawals partially weeks later. The crypto hedge fund 3AC in the same period last year lost nearly $400 million after which Su and Davies were nowhere to be found, although a report suggested the former to be living in Indonesia while the latter is in the United Arab Emirates.
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