Recently, Kyle Davies and Su Zhu, the co-founders of Three Arrows Capital, announced the launch of their new venture, GTX, a distressed debt marketplace. GTX is aimed at FTX depositors, many of whom are selling their claims at one-tenth of their value to gain immediate liquidity. GTX hopes to appeal to the over one million FTX depositors involved in a bankruptcy proceeding and the company's pitch deck states that the claims market is valued at $20 billion. Currently, the company is raising a $25 million seed round and hopes to launch the platform by the end of February.
The founding members of GTX include Mark Lamb and Sudhu Arumugam, co-founders of the crypto trading platform CoinFLEX, as well as Kent Deng as CTO, Leslie Lamb as CMO, and Ewelina Mielecka as Chief Digital Officer. The company also has a team of over 60 developers.
The new venture from Kyle Davies and Su Zhu looks to capitalize on the growing volume of bankruptcies related to digital currency. GTX is aiming to dominate the claims market in two or three months and seeks to provide liquidity to FTX depositors. The company is currently raising a $25 million seed round and hopes to launch the platform by the end of February.