• Three Arrows Capital and CoinFlex founders are creating a new exchange, GTX, focused on claims trading of failed crypto projects.
• The project aims to raise $25 million and provide liquidity to claimants by allowing them to trade their claims for a token called USDG.
• The exchange’s name has sparked controversy due to its similarity to FTX, another crypto exchange that collapsed in March.
The crypto industry is abuzz with news of a new exchange being established by the founders of the now-bankrupt Three Arrows Capital (3AC) and troubled crypto exchange CoinFlex. The exchange, dubbed GTX, will be focused on the claims of failed crypto projects and is set to revolutionize the crypto claims market.
The founders of GTX, Su Zhu and Kyle Davies of Three Arrows Capital, and Mark Lamb and Sudhu Arumugam of CoinFlex, are looking to raise $25 million for their new project. According to the pitch decks circulating on Twitter, the team behind GTX claims that the crypto claims market is worth $20 billion. GTX seeks to provide liquidity to claimants by allowing them to “sell them to crypto while using claims as margin capital.”
The move comes two months after FTX, once the third-largest crypto exchange in the world, collapsed, leaving more than a million creditors out of pocket. The new exchange aims to take advantage of such failures by offering depositors the ability to transfer their FTX claims to GTX and receive immediate credit in a token called USDG.
The name of the exchange has also created some controversy, as some noted that it is an “FTX” spin off. However, CoinFLEX has said they could rebrand CoinFLEX into this new entity and will not use GTX. “We will not use GTX; it currently serves as a placeholder name,” the exchange said in a blog post.
The team behind GTX believes that the exchange will provide a much-needed service to the crypto community. They argue that by providing a platform for claimants to trade their claims, GTX will be able to bring much-needed liquidity and trust to the crypto claims market.
The project is still in its early stages, but it already has the attention of the crypto community. With its potential to revolutionize the crypto claims market, GTX is sure to become a major player in the crypto space. If the team behind GTX can successfully raise the $25 million needed for the project, then we could very well see a new era of crypto claims trading.