• Three Arrows Capital, the crypto hedge fund that collapsed in 2022, is making a comeback with a new cryptocurrency exchange called GTX.
• The new exchange is being led by 3AC co-founders Su Zhu and Kyle Davies, as well as CoinFlex co-founders Mark Lamb and Sudhu Arumugam.
• GTX plans to fill the gap left by FTX, allowing depositors to transfer their FTX claims to the GTX exchange and get credit using a token known as USDG.
The crypto community is abuzz with the news that the founders of the collapsed crypto hedge fund Three Arrows Capital (3AC) are already making plans to raise $25 million for a new cryptocurrency exchange known as GTX. 3AC, which was one of the largest crypto hedge funds in the industry, faced a major collapse in 2022, leading many to question the future of the crypto industry, and whether another similar failure could happen again.
The new exchange is being led by 3AC’s co-founders Su Zhu and Kyle Davies, as well as CoinFlex co-founders Mark Lamb and Sudhu Arumugam. 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 use the technology provided by CoinFlex to create the exchange. The exchange’s legal team will also oversee the recent claims triggered by multiple bankruptcies, including that of firms like Celsius and Voyager.
According to a report by The Block, the exchange will fill the gap that FTX has left behind. The pitch deck says that the exchange will allow depositors to transfer their FTX claims to the GTX exchange and get credit using a token known as USDG. The exchange is planning to launch as early as February, and the crypto community is already abuzz with the news.
3AC’s collapse was one of the biggest failures in the crypto industry in 2022, but the news of their return is a sign of hope that the crypto industry can survive and rebuild from such disasters. The fact that the founders have already made plans to launch a new exchange shows that they are determined to make a comeback and continue to make a difference in the industry.
As the crypto industry continues to grow and evolve, 3AC’s return could be a major milestone for the industry as a whole. With the launch of GTX, the co-founders are looking to show the world that they can still make an impact and help build the future of the crypto industry.