According to CoinFLEX leadership, there has been “media speculation” that the new exchange they are building is tentatively named GTX.
If 2022 was a crazy year for the cryptocurrency market, 2023 is just getting started, with the founder of Three Arrows Capital (3AC) hoping to raise $25 million for his new project, GTX. The 3AC founders teamed up with CoinFlex co-founders Mark Lamb and Sudhu Arumugam to launch the new business.
Su Zhu confirmed the news to crypto media Wu Blockchain, saying “yes, no comment, just busy building it.” According to the pitching platform, GTX’s founding team claims that the $20 billion crypto claims market should be traded on the open market. They hope to provide liquidity to claimants by allowing them to “sell claims for cryptocurrency while using them as margin capital.”
The pitch deck reads, "GTX unlocks FTX, Celsius, etc. Creditors demand immediate trade." Will it also open 3AC claims for trade? The community also derided the name GTX because of its similarity to FTX.
Additionally, the spokesperson hinted that CoinFLEX may rebrand to this new entity entirely - a smart move given the number of potential investors who have heard about the company's woes and may not be too keen to invest again.
The co-founders of CoinFlex were part of the founding team of GTX. Last year, they suspended withdrawals and are undergoing a restructuring due to "extreme market conditions and ongoing uncertainty involving counterparties". Given the background of the founders, the community believes that GTX means "Grand Theft Exchange".
