Last Updated on January 17, 2023 by Bitfinsider
After a plan to fund $25 million for the project was extensively criticized on Crypto Twitter, Coinflex announced that a proposed exchange for trading claims won’t utilize GTX as its name.
According to a blog post by the business, “Building a marketplace for trading claims (in addition to crypto and potentially other assets) is an evolution of Coinflex’s commitment to building open and transparent financial markets. New funds raised will be used for operational growth, which we strongly believe will increase value for Coinflex creditors.”
It was previously reported that Su Zhu and Kyle Davies, the creators of the defunct cryptocurrency hedge fund Three Arrows Capital, were looking to raise capital alongside Mark Lamb and Sudhu Arumugam, the creators of Coinflex, for a new exchange that would allow depositors to transfer claims relating to the similarly defunct FTX cryptocurrency exchange in exchange for an immediate credit in a token that would be called USDG.
While Wintermute founder and CEO Evgeny Gaevoy cautioned anyone investing in the exchange might find it difficult to work with his firm in the future – “on the relationship building side,” Nic Carter, a founding partner at Castle Island Ventures, compared the latest venture to “arsonists returning to the scene of the crime, hawking buckets of water to their victims.” Wintermute won’t take part in venture rounds where they are included on the cap table, he noted.
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