The founders of Three Arrows Capital (3AC) are back

Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
#1
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
Reply


Forum Jump:


Users browsing this thread: 1 Guest(s)