Three Arrows Capital and CoinFLEX Jointly Create New Exchange GTX
New Cryptocurrency Exchange GTX Completes Financing
Previously, according to two independent prospectuses obtained by The Block, the now defunct cryptocurrency hedge fund Three Arrows Capital (3AC) founders Su Zhu and Kyle Davies hope to raise $25 million to establish a new cryptocurrency exchange called GTX.
The name of the exchange, GTX, is even a game on FTX, or a variant of "FTX", with one GTX promotion platform starting with the phrase "because G appears after F".
The financing news for GTX was released two months after the collapse of the exchange giant FTX, which led to heavy losses for over 1 million creditors. In the presentation for the GTX financing, it was mentioned that the new exchange GTX will take advantage of this situation, allowing depositors the opportunity to transfer their claims from FTX to GTX and immediately receive credit in the form of a token called USDG.
On February 4, 2023, BitMEX founder Arthur Hayes tweeted that there were reports that the CEX project "GTX" established by Su Zhu and Kyle Davies, the original founders of Three Arrows Capital, and CoinFLEX co-founders Mark Lamb and Sudhu Arumugam, had completed its financing.
Strong Team Background
Most founders experience failure at some point in their careers - the startup world is a ruthless field. When pitching a new business to investors, many are struggling to think positively about building these experiences. The GTX team presented a lineup of masters who have turned failure around in their careers in the financing presentation to investors: former 3AC and CoinFLEX founders focused on the traction they achieved through their previous ventures, technical prowess, influence in the cryptocurrency industry, and industry connections.
The Arrival of the GTX Wave
The impact of the upcoming GTX has already caused the first wave of excitement among sensitive cryptocurrency investors in the market, with the FLEX token price skyrocketing nearly 12 times. The reason is that one of the founders of GTX is Mark Lamb, the founder of CoinFLEX. Recent reports indicate that the original team of over 60 people is involved in the development of GTX. On the evening of February 2, 2023, Mark Lamb tweeted that 1 million FLEX tokens out of a total of 100 million had been burned, and if the CoinFLEX brand is renamed in the future, the tokens will be exchanged at a 1:1 ratio, similar to the AAVE/LAND practice. Therefore, many people assume that FLEX will be the future token of GTX and have bought a large amount, causing the token price to soar.
Can GTX Fill the Void Left by Exchanges?
The relationship between cryptocurrency exchanges is interdependent, and in 2022, like a domino effect, many exchanges went bankrupt one after another, such as the giants FTX, Genesis, Celsius, and Voyager. Creditors holding claims have very low value in the current market, and face trading difficulties, high fees, and complex procedures, making their situation difficult.
The financing presentation for GTX mentioned a commitment to fill the "power vacuum" left by FTX. The repeated appearance of words such as "FTX", "Claim", and "Exchange" in the slides makes people feel that perhaps GTX is indeed the solution. It allows users to:
- Trade their claims in a simpler and faster way;
- The value of the collateral will be supported by the debt company;
- Creditors can continue to hold their claims until maturity, or choose to sell them to cryptocurrency companies as collateral capital;
Perhaps the most convincing statement is the plan to "attract the appetite of claimants for cryptocurrency trading" - it implies that those burned by the collapse of FTX will crave more excitement in the cryptocurrency world, which has always been full of hype.
GTX to Be Listed Soon
The end of the financing presentation tells us that the exchange will be listed "as soon as possible at the end of February". Will the new exchange jointly created by Three Arrows Capital and CoinFLEX make a stunning debut in the claims market? Stay tuned and let's look forward to its performance together.
If you are interested in GTX and want to learn more about it, you can directly click here to download the GTX pitch deck:
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