3AC, a blockchain-based exchange founded by veterans of the traditional finance space, is raising $25 million in a Series A funding round for its new crypto exchange, GTX. The funds will be used to build out the platform and launch more innovative products designed to make trading cryptocurrencies easier and more accessible. The founders of 3AC believe that this investment will help them to create a platform that can go toe-to-toe with some of the largest crypto exchanges in the world.
Su Zhu and Kyle Davies, the founders of Three Arrows Capital (3AC), are back and have set their sights on launching GTX, a crypto exchange in collaboration with Mark Lamb from Coinflex and Sudhu Arumugam. The pitch deck for this project reveals the goal to raise $25 million for its launch. By investing in GTX.
The creators’ ambition is to assemble a coalition that will set up a cryptocurrency venture devoted exclusively to the tokens of ill-fated ICOs.
Will GTX Exchange Outdo Its Competitors and Revolutionize the Marketplace?
On Monday, renowned crypto reporter Wu Blockchain took to Twitter with the news that a couple of crypto founders are hoping to raise funds for their next venture. Su Zhu confirmed this information when he declared:
Zhu Su and Kyle Davis, founders of 3AC, together with the two creators of CoinFlex have announced their latest project – GTX. The initiative has successfully raised a seed fund worth $25 million to enable creditors to trade claims Su Zhu candidly confirmed the announcement to WuBlockchain, “Yes, I won’t be commenting on this now; just busy constructing it.”
GTX’s primary purpose is to enable the purchase and sale of bankruptcy claims from defunct cryptocurrency businesses, using those claims as collateral. The GTX team believes that this crypto claim market is worth an estimated $20 billion, according to pitch decks recently shared on Twitter.
Company claims for GTX customers stated that they could use their assets as collateral when trading. Furthermore declared that the exchange might bridge FTX’s absence and also allow access to various regulated industries like the stock market.
Unfortunately, due to its close resemblance with FTX, members of the crypto community mocked GTX by making fun of its name.
Wall street journal report
The Wall Street Journal reported that Zhu described the platform’s vision and objectives might shift. Furthermore, noting his intention to be comically referential to FTX’s crash when he chose its temporary name.
Although their real intentions remain a mystery at this point, one thing is certain: Su Zhu and Kyle Davies believe that GTX will revolutionize the crypto marketplace by providing more options for traders. Whatever the outcome may be, we can only wait and see how far it will go in its quest to become an industry leader. With this new venture, the 3AC founders hope to prove that they are more than just a traditional finance team. However, they are also innovators and pioneers of blockchain technology.
Looking forward, GTX will no doubt be an interesting platform to watch as it develops and expands in the coming months. Only time will tell if Zhu’s vision for the crypto space is realized or not. GTX could either be the next great innovation in cryptocurrency trading or a complete bust.
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