Breaking: 3AC Founders Are Raising $25 Million Funding For New Project “GTX”

Key Points:

• 3AC founders are raising$25 million for their new project called GTX.
• GTX is looking to attract users of FTX with instant credits in the form of a token called USDG.
• GTX could launch in the next 2-3 months and has ambitions to unlock the market that requires 20 billion cryptocurrencies.

3AC founders are raising $25 million in a new project in partnership with cryptocurrency exchange CoinFlex, a crypto exchange which is in the process of restructuring, to introduce investors to a new crypto exchange focused on authentic trading take ownership.

According to Wu Blockchain, The founders of 3AC, Zhu Su and Kyle Davis, and the two founders of CoinFlex have launched a new project, GTX, raising a seed fund of $25m to trade claims from creditors.

Su Zhu also confirmed the above information. However, due to the busy launch schedule, it is impossible to share details.

“yes, no comment, just busy building it”.

Su Zhu said.

Su Zhu and Kyle Davis hope to raise $25 million for a new project from investors to bring the product to market within the next 2-3 months.

News of the fundraising comes two months after giant exchange FTX exploded, leaving more than a million creditors empty. The new exchange takes advantage of the situation offering depositors the ability to transfer their FTX claims to GTX and receive instant credit in the form of a token called USDG, according to The Block.

GTX hopes to unlock the 20 billion crypto claims market, fill the emptiness in the cryptocurrency market after FTX left, and enter the 2 trillion stock securities lending market.

The executive team includes CTO Kent Deng, who once worked in Alibaba Tencent Huawei; CMO Leslie Lamb, former head of institutional sales at Amber Group.

Three Arrows Capital (3AC) was one of the most significant hedge funds in crypto until the Terra ecosystem collapsed in May 2022, causing it to face substantial losses and declare bankruptcy. Financial advisory firm Teneo handled the liquidation of 3AC’s assets, and the hedge fund filed for Chapter 15 bankruptcy in New York.

After a long absence, the two founders of 3AC reappeared at a time when Sam Bankman-Fried’s FTX empire collapsed. The community was not very sympathetic to their noisy comeback when Su Zhu and Kyle Davis repeatedly accused FTX and Alameda of being the cause of 3AC taking this step.

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