Three Arrows Capital (3AC) founders Kyle Davies and Su Zhu have reportedly launched plans to raise $25 million USD in capital for a new cryptocurrency exchange.
The group revealed the new platform, GTX, in a presentation. The 3AC founders will partner with Coinflex’s Mark Lamb and Sudhu Arumugam. The initiative aims to protect bankrupt firms from claims.
The presentation added:
“FTX users are selling claims at ~10% face value for immediate liquidity or waiting 10+ years for the bankruptcy to process disbursements […] Our legal team will streamline and automate claims onboarding to GTX and make it the dominant marketplace for FTX and other bankrupt companies’ claims.”
In a tweet, Colin Wu stated that Su Zhu replied, “Yes, no comment, just busy building it.”
GTX will provide a platform for trading collateralised claims to allegedly “fill the power vacuum left by FTX.” It also plans to enter stock exchanges and other regulated markets.
The news comes after Coinflex blocked withdrawals due to a massive $84 million USD loss of revenues. The company has begun restructuring to tackle the revenue crisis.
Additionally, 3AC liquidated in late June and its founders disappeared, with reports stating they had fled to Indonesia and the United Arab Emirates (UAE). Su slammed FTX and the Digital Currency Group for its collapse.
Despite this, courts slapped the 3AC founders with subpoenas on 5 January. Singapore’s Monetary Authority (MAS) vowed in recent months to tighten regulations on cryptocurrency markets following the collapse.
