3AC Returns with Launch of GTX Crypto Exchange
• Three Arrows Capital, the collapsed crypto hedge fund, is making a comeback with the launch of GTX, a new cryptocurrency exchange.
• They are planning to raise $25 million for the exchange, which will fill the gap that FTX has left behind.
• The GTX executive team will include several executives from CoinFlex, including the chief technology officer and the general counsel.
After its collapse in 2022, Three Arrows Capital (3AC) is making a comeback with the launch of a new cryptocurrency exchange. The exchange, called GTX, is aiming to raise $25 million to fill the gap that FTX has left behind.
The 3AC co-founders, Su Zhu and Kyle Davies, are teaming up with Mark Lamb and Sudhu Arumugam, the co-founders of CoinFlex, to launch the exchange. The GTX executive team will include several executives from CoinFlex, such as the chief technology officer and the general counsel. In addition, the exchange’s legal team will oversee the recent claims triggered by multiple bankruptcies, including those of firms like Celsius and Voyager.
According to a report by The Block, two separate pitch decks have been circulated which reveal the plans of the 3AC co-founders. One of the pitch decks even uses the phrase “because G comes after F”, indicating that the exchange will be a spinoff from FTX. The exchange aims to allow depositors to transfer their FTX claims to the GTX exchange and receive credit in the form of a token known as USDG.
The launch of the GTX exchange is expected to take place as early as February, and it is sure to be watched closely by the crypto community. It remains to be seen whether the 3AC co-founders will be able to turn the tide with their new venture and redeem themselves after the collapse of their previous hedge fund.