3AC Founders Launch GTX Exchange, Aim to Create Secure Crypto Hub

• The founders of the collapsed crypto hedge fund Three Arrows Capital, Su Zhu and Kyle Davies, are raising $25 million for a new cryptocurrency exchange called GTX.
• GTX is a spinoff from “FTX,” and will allow depositors to transfer their FTX claims to the GTX exchange and get credit using a token called USDG.
• The executive team for GTX consists of several executives from CoinFlex, including the chief technology officer and the general counsel.

The crypto community is abuzz with the news that the founders of the collapsed crypto hedge fund Three Arrows Capital, Su Zhu and Kyle Davies, are making plans to raise $25 million for a new cryptocurrency exchange known as GTX. This news is especially interesting given that 3AC’s collapse was one of the biggest failures in the crypto industry in 2022.

The new GTX exchange is said to be a spinoff from “FTX,” with one of the pitch decks even using the phrase “because G comes after F.” The pitch deck further states that the exchange will allow depositors to transfer their FTX claims to the GTX exchange and get credit using a token known as USDG.

Furthermore, the 3AC duo is teaming up with Mark Lamb and Sudhu Arumugam, the co-founders of CoinFlex. The GTX executive team comprises several executives from CoinFlex, including the chief technology officer and the general counsel. CoinFlex is an exchange that is also in the process of restructuring. GTX will be using the technology provided by CoinFlex to create the exchange.

The GTX exchange plans to launch as early as February, and its legal team will also oversee the recent claims triggered by multiple bankruptcies, including that of firms like Celsius and Voyager. This news has drawn mixed reactions from the crypto community, but it remains to be seen how successful this new venture will be.

What is certain, however, is that the 3AC founders are taking steps to make sure that the mistakes of the past don’t repeat themselves. With their new venture, they are hoping to create a secure and reliable cryptocurrency exchange that will be a positive addition to the industry. Only time will tell if they are successful.

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