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3AC, Coinflex founders collaborating to raise $25M for new claims trading exchange

Published 01/16/2023, 11:02 AM
Updated 01/16/2023, 12:40 PM

Founders of collapsed crypto hedge fund Three Arrows Capital (3AC) Su Zhu and Kyle Davies are reportedly trying to raise money for a new cryptocurrency exchange in partnership with Coinflex cofounders Mark Lamb and Sudhu Arumugam. According to a pitch deck, they are looking to raise $25 million.

The proposed new exchange is to be called GTX, according to the presentation. They propose to specifically target claims against bankrupt firms. “FTX users are selling claims at ~10% face value for immediate liquidity or waiting 10+ years for the bankruptcy to process disbursements,” the presentation said. It promised to crack the claims market:

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