3AC, CoinFLEX co-founders looking to raise $25M for new crypto exchange 3AC, CoinFLEX co-founders looking to raise $25M for new crypto exchange
Kyle Davis and Su Zhu will joinย CoinFLEX co-founders Mark Lamb and Sudhu Arumugam as the founding team of GTX.
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Updated: Aug. 11, 2023 at 2:09 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Defunct Three Arrows Capital’s (3AC) co-founders Kyle Davies and Su Zhu โ along with CoinFLEX co-founders Mark Lamb and Sudhu Arumugam โ are looking to raise about $25 million to launch a new crypto exchange calledย 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.
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Posted In: Exchanges
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Christian Nwobodo
Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. Christian is interested in DeFi protocol research, token economics, and on-chain analytics.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
CoinFLEX
CoinFLEX is a cryptocurrency exchange for spot and margin trading that founded in 2019.
Three Arrows Capital
Three Arrows Capital (3AC), a Singapore-based crypto hedge fund, collapsed due to poor risk management, recklessness in dealing with business partners and a significant portion of greed.
