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3AC And CoinFLEX’s Proposed Crypto Exchange “GTX” Completes Funding

BitMEX founder Arthur Hayes reveals Three Arrows Capital and CoinFLEX founders have completed funding for proposed GTX crypto exchange.
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3AC And CoinFLEX’s Proposed Crypto Exchange “GTX” 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.

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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 ReadDeveloper Update On Shiba Inu’s Shibarium, Is Date Final?

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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

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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