All of this could have been a simple joke, almost funny, if this information hadn’t been real. With the main ingredients being all the worst recent experiences in the cryptocurrency industry mixed into a mush called gtx. A name that deliberately comes close to FTX for obvious reasons: its ambition to “dominate” the crypto debt market booming after the collapse of many projects in this ecosystem.
A project whose headliners are none other than Su Zhu And Kyle Daviscontroversial and deposed hedge fund founders Capital of Three Arrows (3AC). But also Marco Agnello And Sudhu Armugan, co-founders of the CoinFLEX platform who are still trying to escape bankruptcy. A Heart team of questionable taste in the face of the wrath of a significant portion of the crypto ecosystem. Because obviously nothing is going right in this GTX platform looking for 25 million dollars see the day…
GTX: A Crypto Claims Platform
The violence of this bear market could have raised awareness of some necessary evolutions of the cryptocurrency sector. A maturity whose ambition, however, was unceremoniously overwhelmed following the enthusiasm unleashed by the BONK memecoin on the Solana network. And the latest episode may be the GTX platformthe development of which was revealed yesterday by the media The Block.
With the main welcome, the anger of the crypto community unwilling to see the resurgence of Three Arrows Capital members, or a trade with a name too close to FTX. Some even go so far as to joke that this questionable choice is simply that the “G” comes after the “F” in the alphabet. the whole in collaboration with the founding members of the CoinFLEX platform definitely annoyed by these revelations. To the point of having to clarify in a publication on the subject.
” We understand that there has been speculation in the media and are writing to clarify misconceptions about the leaks regarding the “GTX” swap project. (…) The creation of a trade credit market is an evolution of CoinFLEX’s commitment to the creation of open and transparent financial markets. All new funds raised will be used for operational growth, which we believe will increase the value to CoinFLEX’s creditors.”
CoinFLEX
GTX – What does this project actually offer?
And as The Block explains, this GTX platform would aim to offer “depositors the ability to file complaints about the also collapsed cryptocurrency exchange FTX for instant credit in a token called USDG”. And this (too) simple explanation immediately raises a necessary question. Does anyone really think the solution to the FTX carnage is the creation of another unlikely cryptocurrency? Yet there is no doubt that this dubious airdrop will find its audience…
An estimated debt market a 20 billion dollars, according to members of this project. Because in addition to the collapse of FTX, this offer also affects the victims of Celsius or Voyager, among others. Why limit yourself given the number of opportunities represented by the unprecedented accumulation of bankruptcies in the cryptocurrency industry… And although CoinFLEX has since denied that the name of this platform would actually be GTX, under pressure from the ecosystem, its launch could very well take place in February.
Anyway, this project was very well described by Nick Carter, founding partner of Castle Island Ventures. Why does he compare this GTX platform to ” arsonists returning to the crime scene peddling buckets of water to their victims“. And this will be the conclusion of this article.