3AC founders are raising $25m for a new crypto project. Here’s their deck for GTX

The people behind defunct crypto hedge fund Three Arrows Capital (3AC) are back at it again with a new crypto project.

Su Zhu and Kyle Davies, founders of 3AC, have teamed up with CoinFlex co-founders Mark Lamb and Sudhu Arumugam to raise funds for GTX. According to a pitch deck outlining the venture, Zhu and the crew are eyeing a US$25 million seed raise.

In the deck, the founders said they aim to “dominate as the only public marketplace for claims trading on orderbooks.” The solution aims to make creditor claims for failed crypto firms such as FTX and Celsius immediately available to trade.

The founders also look to scale GTX to become the “largest crypto exchange” and fill the gap FTX (just one letter different) left behind. The new firm wants to get the ball rolling by the end of February.

Above is GTX’s pitch deck in full.

The deck has already drawn flak from crypto founders online. Evgeny Gaevoy, founder and CEO of crypto market maker Wintermute, said that would-be investors of GTX will find a difficult time building a relationship with his company.

As to why GTX is doing this, the founders said there’s a demand to “unlock” the claims market, which they value at US$20 billion.

Their efforts come after 3AC suddenly collapsed alongside Terraform Labs’ Luna token this past June. The crypto hedge fund filed for Chapter 15 bankruptcy shortly after and was opened up for further probing.

It didn’t help that Zhu and Davies had gone off the grid for a while in July 2022.

See also: Mission impossible: Recovering 3AC’s missing assets

Skepticism toward crypto in general was brought to new heights when FTX, which was once a leader in the space, collapsed in just a couple of days.

The crypto industry has also been facing a relatively harsh winter, with tokens losing over US$2 trillion in valuation last year, according to CNBC.

Credits

Editing: Thu Huong Le and Lorenzo Kyle Subido