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PR Newswire
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