3AC founders Su Zhu and Kyle Davies are seeking $25 million in funding for their cryptocurrency exchange project.
Despite the failure, the founders of the bankrupt crypto hedge fund Three Arrows Capital (3AC) began work on the new project.
Exchange Project from the Founders of 3AC
The news of the fundraising came two months after the collapse of cryptocurrency exchange FTX. The name of the new exchange is planned to be GTX. This exchange will also offer the opportunity to get loans with the token called USDG.
The name of the exchange is GTX, which is related to FTX. The fact that the letter G comes after the letter F was touted as “a comeback of FTX.”
The 3AC founders are partnering with Mark Lamb and Sudhu Arumugam, the founders of the CoinFlex exchange, which is in the process of restructuring.
GTX will leverage Coinflex’s technology to create the exchange. In addition, a legal team will be involved to supervise adverse events such as bankruptcy.
Mark Lamb declined to comment on the fundraising efforts.
The exchange is scheduled to launch as soon as possible. If the requirements are met, next February is among the possibilities.
Before Three Arrows Capital went into crisis with the Terra crash, it was among the largest hedge funds.
