The founders of bankrupt cryptocurrency hedge fund Three Arrows Capital are reportedly looking to launch a trading platform.
Su Zhu and Kyle Davies have reportedly partnered with Coinflex co-founders Mark Lamb and Sudhu Arumugam for GTX, which aim to capitalise on large numbers of creditors of collapsed exchanges, helping them to recover holdings and use them for trading.
According to a pitch deck sent to several media outlets, the startup – which already has a C-suite in place and more than 60 developers – wants to raise $25 million to launch before the end of February at the latest.
The deck says the ‘distressed debt marketplace’ is looking to appeal directly to the more than one million FTX depositors that are now involved in a bankruptcy proceeding.
It cites a “clear need to unlock” the claims market, which it values at $20 billion. The pitch argues that the platform could fill a “power vacuum left by FTX”.
Singapore-based 3AC, once worth $10 billion, filed for bankruptcy in July 2022. The crypto market price plunge caused losses which left it unable to repay lenders.
Advisors working to liquidate 3AC served Davies and Zhu a subpoena over Twitter last week, claiming that their whereabouts were still unknown.
Cryptocurrency shorts
User-generated content metaverse engine Createra has raised 10 million Series A funding led by Andreessen Horowitz. The platform enables creators – currently estimated at 500,000 – to create and distribute games for Gen Z and already has 15m users. Everything built on the platform’s metaverse land is tradeable, including models, games and APIs, allowing creators to monetise their creations.
Eurogroup, a group of finance ministers from eurozone countries, wants to be more involved in plans for a digital euro with the European Central Bank and European Commission. A statement read: “The Eurogroup considers that the introduction of a digital euro as well as its main features and design choices requires political decisions that should be discussed and taken at the political level.”
A new sports betting platform, Better Fan, combines Web3-based infrastructure and ‘play-to-earn’. It reduces gamers’ potential losses by letting them place bets without using fiat currencies or crypto; instead, they can only lose their daily bets – renewed every 24 hours and in the form of BTB tokens which can be exchanged for USDT directly in-game.
The Seoul Metropolitan Government has launched its Metaverse Seoul project, allowing residents of the South Korean capital city to access city services in a virtual environment.
Crypto prices
The overall market cap of the 22,200 coins is at $988 billion at the time of writing (7am UK), a 0.8% decrease in the last 24 hours.
For round-ups of recent cryptocurrency news developments, click here.
For valuations of the top 100 coins by market cap in US dollars, plus 24-hour price change, see below.