17-01-2023, 09:30 AM
Davies and Zhu are part of a group arguing that the so-called crypto “claims” market, in reference to bankruptcies impacting holders of digital currencies, should have a public marketplace. The space has seen a handful of high-profile bankruptcies including BlockFi, Celsius, Three Arrows, and most recently, FTX.
The new marketplace looks to appeal to the more than one million FTX depositors that are now involved in a bankruptcy proceeding, a slide in the pitch deck said. Many of those FTX clients are selling claims at about one-tenth of their value for immediate liquidity as they try to avoid what could be a years-long wait for repayment, according to the deck.
They cited a “clear need to unlock” the claims market, one they value at $20 billion and believe GTX could “dominate” within two or three months. GTX said in its pitch that, once scaled, the platform could fill a “power vacuum left by FTX” within crypto trading and move into the securities lending market.
GTX is raising a $25 million seed for the platform, with a goal of coming to the market by the end of February at the latest, according to the deck.
https://www.cnbc.com/2023/01/16/founders...laims.html
The new marketplace looks to appeal to the more than one million FTX depositors that are now involved in a bankruptcy proceeding, a slide in the pitch deck said. Many of those FTX clients are selling claims at about one-tenth of their value for immediate liquidity as they try to avoid what could be a years-long wait for repayment, according to the deck.
They cited a “clear need to unlock” the claims market, one they value at $20 billion and believe GTX could “dominate” within two or three months. GTX said in its pitch that, once scaled, the platform could fill a “power vacuum left by FTX” within crypto trading and move into the securities lending market.
GTX is raising a $25 million seed for the platform, with a goal of coming to the market by the end of February at the latest, according to the deck.
https://www.cnbc.com/2023/01/16/founders...laims.html
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"A fool is someone who knows the price of everything and the value of nothing"
Oscar Wilde
"A fool is someone who knows the price of everything and the value of nothing"
Oscar Wilde