3AC, CoinFLEX co-founders looking to raise $25M for new crypto exchange

Defunct Three Arrows Capital's (3AC) co-founders Kyle Davies and Su Zhu — along with CoinFLEX co-founders Mark Lamb and Sudhu Arumugam — are looking to raise about $25 million to launch a new crypto exchange called  GTX.

GTX is designed to help creditors of bankrupt exchanges like FTX, Celsius, BlockFi and Mt.Gox lay claims on their holdings and used the claims for trading.

According to a pitch deck made available to CryptoSlate, the GTX team is looking to raise about $25 million to fully develop the exchange.

The funds will be used to streamline the onboarding process for creditors of bankrupt exchanges.

If the fundraising is completed, GTX said it expects to launch its product by end of February 2023.