CoinFLEX partners with 3AC to raise funds for its new exchange platform

  • Exchange is to be named “GTX”, where it is believed to be the spin on the defunct FTX. 
  • GTX enables its users to trade using their claims.

3AC (Three Arrows Capital Ltd.), a hedge fund established in 2012, and CoinFLEX, a crypto Futures, and Lending exchange shook hands. The founders of these two conglomerates share one common goal: to launch a trading exchange. 

Su Zhu and Kyle Davies, the founders of the 3AC collide their path with Mark Lamb in raising the capital of $25 Million augmenting their exchange proposal. This prospective exchange is to be named “GTX”, where it is believed to be the spin on the defunct FTX. 

It is quite a voyage for the CoinFLEX exchange after its filing for restructuring last year in the Seychelles following its $84 Million in rancorous downtime. Although the name chafed a few, the team stated that the name GTX was to mock the demise of the recent bankruptcies.

The 3AC was accused of its failure to pay back Voyager’s $650 Million by CEO Stephen Ehrlich following the domino effect of the FTX’s demise. The CoinFLEX community still remembers that the organization froze the withdrawals of its user assets as a result of its deficit.

Unlike the existing market players, the GTX enables its users to trade using their claims. The presentation stated that

“FTX users are selling claims at ~10% face value for immediate liquidity or waiting 10+ years for the bankruptcy to process disbursements.”

Projecting their roadmaps toward the incorporation of highly regulated forex and stock exchanges. Despite their hardships, CoinFLEX moderately resumed its users’ withdrawals later. The Pitch Deck claimed that the GTX platform will “fill the power vacuum left by FTX.” 

Furthermore, it tends to entice creditors from multiple bankrupt organizations who had lost their assets despite holding their claims towards these organizations. This new “Crypto Claims” niche market could be a new trendsetter among these devoid exchanges. 

I’m Guruprakash, the-ADA-man means an Artist, a Designer, and an Architect. I’ve always been enthusiastic about the Cryptocurrencies and the trailblazing Web3 ecosystem. My fervor for writing was kindled while educating my students and mentees.