Key takeaways
- Su Zhu and Kyle Davies of 3AC are looking to start their own crypto exchange.
- They are looking to raise $25 million from investors.
- The exchange, GTX, is meant to be a public marketplace for crypto-related claims.
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Su Zhu and Kyle Davies of 3AC want to capitalize on the rising demand for cryptocurrency-backed claims by launching their own exchange. The crypto community is not pleased.
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Three Arrows Capital is attempting a comeback.
The co-founders of 3AC, Su Zhu and Kyle Davies, are in search of a $25 million funding to launch their new crypto exchange, GTX. CoinFLEX cofounders Mark Lamb and Sudhu Arumugam have joined the company.
The Pitch Deck for GTX states that it is a $20 Billion market and will facilitate trading of crypto claims as well as the settlement of FTX bankruptcy cases. Additionally, GTX plans to offer trading of stocks, currencies, and cryptos.
The announcement of GTX has not been well-received by the crypto community. “If you are investing in CoinFLEX/3AC[’s] ‘exchange’, you may find it a bit more difficult to work with Wintermute in the future (on the relationship building side),” warned Wintermute CEO Evgeny Gaevoy. “Similarly, we’re not going to participate in venture rounds where these guys are about to hit the cap table, so founders beware.”
Nic Carter, co-founder of Castle Island, echoed the sentiment. “You can make ‘comeback story’ ‘contrary’ bets with whoever you want, even disgraced con artists, but there are costs associated with that.”
Disclaimer: The author of this article held BTC, ETH, and other crypto assets at the time of writing.
