CoinFlex Denied Name “GTX” For New Project Of 2 Founders 3AC

Key Points:

• CoinFlex denied that it would use the name “GTX” to name the new exchange with the cooperation of the two founders of 3AC.
• GTX currently serves as a placeholder name.
• Due to ongoing discussions with different parties, an update on the proposed plans has yet to be shared.

In an official announcement, CoinFlex denied the GTX name for the new exchange was affiliated with the two founders of failed crypto hedge fund 3AC.

CoinFLEX has released a clarification notice on the proposed “GTX Exchange” official website. The exchange says it won’t use that name as the name and it is just a placeholder name. The team is also looking at creating exchanges for other asset classes with their own entities and brand names.

“We could rebrand CoinFLEX into this new entity. We will not use GTX; it currently serves as a placeholder name. We are also looking at creating exchanges for other asset classes, which will have their entities and brand names – these will all be under the HoldCo that will receive equity following the restructure. We believe these business lines will greatly increase the value of such equity.”

In the written notice.

Due to ongoing discussions with different parties, an update on the proposed plans has yet to be shared. Further updates will be provided once funding or partnerships are reached.

In addition, two executives, Mark and Sudhu, will continue, with Mark continuing as CEO. CoinFLEX can add critical members to build and grow the business as funding increases.

As mentioned in an earlier Coincu News article, Su Zhu and Kyle Davies, the founders of defunct crypto hedge fund Three Arrows Capital (3AC), are hoping to raise $25 million to launch a new crypto exchange called GTX.

The pair is teaming up with CoinFLEX founders Mark Lamb and Sudhu Arumugam to launch a new venture to provide crypto-claims trading.

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