Three Arrows Capital (3AC) founders Kyle Davis and Zhu Su, and CoinFlex founders Mark Lamb and Sudhu Arumugam have completed a fundraising round for their new project. About it informed founder of BitMEX cryptocurrency exchange Arthur Hayes.
The founders of the two companies planned to raise $25 million for their new project, the GTX cryptocurrency exchange. Hayes cited unnamed sources in a tweet, noting that Three Arrows Capital and CoinFlex are completing a round of seed funding for GTX. He argues that this should be the start of a bull market.
“Must be the start of a bull market if these dolls get paid less than a year after they burned $18 billion in shitcoins,” Hayes wrote.
The founders of Three Arrows Capital and CoinFlex plan to launch the GTX crypto exchange by February. The exchange’s executive team also includes several CoinFlex executives, including the firm’s general counsel and chief technology officer. The platform will use CoinFlex technology to build the exchange, and a legal team will be responsible for overseeing the filing of claims for all recent crypto company bankruptcies.
However, the crypto community reacted ambiguously to the news about the launch of the platform. Some have noticed that the name GTX is very similar to the name of the bankrupt crypto exchange FTX. In particular, they recalled that the letter G comes after F in alphabetical order.
In addition, 3AC has a mixed reputation in the crypto market after going bankrupt last year. The collapse of Terra’s ecosystem did not lead to significant losses. As a result, the hedge fund filed for Chapter 15 bankruptcy in New York in the summer of 2022. In total, the fund owes about $2.8 billion to its clients.
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