3AC Founders Plan New Cryptocurrency Exchange

Introduction to GTX

The founders of the collapsed crypto hedge fund Three Arrows Capital, Su Zhu and Kyle Davies, are embarking on a new venture in the cryptocurrency exchange market. In collaboration with Coinflex cofounders Mark Lamb and Sudhu Arumugam, they are seeking to raise $25 million to establish a new platform named GTX.

Focus on Bankruptcy Claims

GTX aims to carve a niche in the cryptocurrency industry by specifically targeting claims against bankrupt firms. This strategic focus is designed to address the needs of users seeking liquidity from distressed assets. For example, users affected by the FTX collapse have been selling claims at roughly 10% of their face value to obtain immediate liquidity. GTX promises to streamline and potentially expedite this process for users.

Investment Opportunities

The founders are actively pitching this innovative concept to potential investors, highlighting the unique market opportunity in the claims sector. By addressing a distinct need within the crypto market, GTX aims to stand out from other exchanges. The proposed platform intends to facilitate transactions for claims, providing a more efficient solution for those involved in bankruptcy cases.

Conclusion

GTX seeks to transform how claims are handled in the cryptocurrency space, offering a novel approach that could redefine market dynamics. With their previous experience and strategic partnerships, the founders aim to secure investor support and launch a successful platform that meets the evolving needs of the crypto community.