3AC founders want to launch a new crypto exchange

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Key Takeaways 3AC co-founders Su Zhu and Kyle Davies want to launch their own crypto exchange. They are asking for $25 million from investors. GTX, as the project is called, aims to be a public marketplace for crypto claims. Share this article

Su Zhu and Kyle Davies want to tap into the booming crypto claims market by launching their own exchange. The crypto community is unimpressed.

GTX

Three Arrows Capital is planning something of a comeback.

3AC co-founders Su Zhu and Kyle Davies are looking to raise $25 million to start a new crypto exchange by the name of GTX. They are joined in the venture by CoinFLEX co-founders Mark Lamb and Sudhu Arumugam.

According to the pitch desk, GTX will enable the exchange of crypto claims — which the document describes as a $20 billion deal — in deals tied to FTX, Celsius, BlockFi, Mt. Gox and other bankrupt crypto companies . The GTX team next plans to expand the product offering to enable trading in cryptocurrencies, stocks, and currencies.

Zhu and Davies’ crypto hedge fund, 3AC, exploded in June 2022 following the collapse of Terra, triggering massive contagion within the crypto industry and forcing several crypto lenders out of business. The two co-founders shamelessly refused to cooperate with liquidators and creditors, as the Supreme Court of Singapore and the US Department of Justice recently issued subpoenas to them via Twitter.

CoinFLEX, meanwhile, was the crypto exchange that gave Bitcoin evangelist Roger Ver a $47 million loan and then attempted to monetize his bad debt by issuing a token called rvUSD. It then decided to lay off part of its workforce in order to finance the restructuring of the company.

Unsurprisingly, the GTX pitch desk was poorly received in the crypto community. “If you invest in CoinFLEX/3AC[’s] ‘exchange’, you might find it a bit harder to work with Wintermute in the future (on the relationship building side),” said Wintermute CEO Evgeny Gaevoy. “Also, we’re not going to be in venture capital rounds where these guys are about to enter the cap table, so founders beware.”

Castle Island co-founder Nic Carter expressed a similar sentiment. “You can make ‘upsetting’ ‘back story’ bets on anyone you want, even bottom-of-the-barrel dishonored fraudsters, but there are costs associated with that.”

Disclaimer: At the time of writing this article, the author of this article owned BTC, ETH, and several other crypto assets.

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