According to a financing document circulated in the market recently, Su Zhu and Kyle Davies, the founders of the original Three Arrows Capital, are preparing to build a new centralized encryption trading platform "GTX", with a financing target of 25 million US dollars. In addition to the two cores of Three Arrows, the two co-founders of CoinFLEX, Sudhu Arumugam and Mark Lamb, also participated in the creation of GTX.

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What does GTX do?

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Image source: GTX financing information

According to Su Zhu, just judging from the ruins left by the FTX thunderstorm, this is a new continent with 1 million creditors and a market size of 20 billion US dollars. FTX users are now creditors, they cannot withdraw assets from the platform, and the current creditor’s rights market has an anti-locking process and high handling fees, making the experience of small creditors extremely unfriendly.

The emergence of debt trading platforms such as GTX has given creditors another option. In addition to waiting for several years (refer to the example of Mt Gox) for a court judgment, they can now exchange cash at a discount of about 10% and transfer their creditor's rights.

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Image source: GTX financing information

To give an example that is easier to understand but may not be appropriate, there may be old leeks who remember that after Algorand was auctioned in the Netherlands, they promised all investors the right to withdraw coins, and then some trading platforms made the right to withdraw coins into tokens and put them on the shelves for trading , also formed the arbitrage between price fluctuation and ALGO. Su Zhu's debt market is somewhat similar.

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team member

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Image source: GTX financing information

The most noteworthy non-co-founders are none other than the two co-founders of Three Arrows Capital, Su Zhu and Kyle Davies, and the two co-founders of the CEX platform CoinFLEX, Sudhu Arumugam and Mark Lamb. The four avatars printed on the materials are very eye-catching. As we all know, the CoinFLEX trading platform also announced bankruptcy and reorganization in August last year.

Other executives include chief technology officer Kent Deng, who has worked on technology teams at Alibaba, Tencent, Oracle and Huawei.

Chief Marketing Officer Leslie Lamb, who once worked at Lehman Bank, previously served as the head of institutional sales at Amber Group, and is also the content creator of Crypto Unstacked, a well-known encrypted podcast under Amber Group.

GTX plans to go online in 2-3 months. In addition to encrypted debt, GTX is expected to enter the stock lending market. There should be many investors interested in this emerging market, and BlockBeats will continue to follow up on GTX developments.