3AC, CoinFLEX’s Proposed GTX Exchange Completes Funding

Three Arrows Capital’s founders Kyle Davies and Zhu Su and CoinFLEX’s founders Mark Lamb and Sudhu Arumugam have completed financing for their proposed crypto exchange GTX, Arthur Hayes, founder of crypto exchange BitMEX, said on Saturday. The founders intend to raise $25 million in seed funding and market the exchange by February end.

Three Arrows Capital Completes GTX Seed Funding, Says Arthur Hayes

BitMEX founder Arthur Hayes in a tweet on February 4 said his sources have informed him about Three Arrows Capital and CoinFLEX completing a seed funding round for GTX. He asserts it must be the start of a bull market if they raised the target seed funding of $25 million.

“Must be the beginnings of a bull market if these muppets get money less than one year after they torched $18 billion on shitcoins. I ain’t mad at ya, but homeboy needs his money back lift tickets be expensive.”

Three Arrows Capital’s founders Kyle Davies and Zhu Su and CoinFLEX’s founders Mark Lamb and Sudhu Arumugam expect to launch the crypto exchange GTX by February. CoinFLEX earlier clarify misconceptions about the leaked materials concerning the proposed ‘GTX’ exchange. CoinFLEX claims GTX is a placeholder name for now.

The crypto community started comparing GTX with the bankrupt crypto exchange FTX, founded by Sam Bankman-Fried. Interestingly, GTX will also allow impacted crypto investors to liquidate their holdings immediately by selling their claims at significantly discounted rates. Moreover, it aims to expand into regulated markets such as the stock market.

Also Read: Developer Update On Shiba Inu’s Shibarium, Is Date Final?

Crypto Funding Return Indicates Bull Market

While some crypto companies still struggle to revive from last year’s crypto winter, other crypto companies and projects are raising fresh capital from venture capital firms and investors. However, the market is in an early bull market and uncertainty still exists among traders.

The crypto market recovery seen in January has improved investors’ sentiment for a bull market. Bitcoin and Ethereum prices rallied above $24,000 and $1,700, before a small pullback.

Also Read: DeFi Platforms Are Planning Something Big Next Week

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.