- By the end of February, the exchange’s founders want to have marketed themselves.
- Comparisons between GTX and FTX began to circulate around the crypto community.
BitMEX founder Arthur Hayes said on Saturday that the founders of Three Arrows Capital, Kyle Davies and Zhu Su, and CoinFLEX, Mark Lamb and Sudhu Arumugam, have successfully secured funding for their new cryptocurrency exchange GTX. By the end of February, the exchange’s founders want to have marketed themselves, as well as raise $25 million in startup capital.
Founder of BitMEX Arthur Hayes tweeted on February 4 that he had heard rumors about a seed investment round for GTX having been closed by Three Arrows Capital and CoinFLEX. He thinks the fact that they were able to get $25 million in early capital signals the beginning of a bull market and even criticized them for blowing up $18 Billion last year and still being able to manage the funding of $25M.
Little birdie told me @KyleLDavies and @zhusu completed their raise. Must be the beginnings of a bull market if these muppets get money less than one year after they torched $18 billion on shitcoins. I ain’t mad at ya, but homeboy needs his money back lift tickets be expensive
— Arthur Hayes (@CryptoHayes) February 3, 2023
Comparisons With FTX
The cryptocurrency exchange GTX is expected to start in February with its founders, Kyle Davies and Zhu Su of Three Arrows Capital and Mark Lamb and Sudhu Arumugam of CoinFLEX. Moreover, CoinFLEX has already set the record straight on several misunderstandings surrounding the aforementioned ‘GTX’ exchange leaks. For the time being, CoinFLEX says GTX is only a temporary term.
After the failure of Sam Bankman-Fried’s FTX cryptocurrency exchange, comparisons between GTX and FTX began to circulate around the crypto community. In an interesting twist, GTX will also make it possible for affected crypto investors to quickly cash out their holdings by selling claims at deeply reduced pricing.
It also has aspirations of entering more heavily regulated areas like the stock exchange. Since January, the cryptocurrency market has been on the upswing, which has boosted bullish expectations among investors.
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