Is CoinFLEX spun out of ftx?

The new exchange’s name appears to be spun out of “FTX.” As part of efforts to launch a new crypto exchange, the founders of liquidated crypto hedge fund Three Arrows Capital (3AC), Su Zhu and Kyle Davies, have reportedly joined hands with CoinFLEX co-founders Mark Lamb and Sudhu Arumugam.

Who are the founders of 3AC and CoinFLEX?

The founders of 3AC, Zhu Su and Kyle Davis, and the two founders of CoinFlex have launched a new project, GTX, which is raising a seed fund of $25m to trade claims from creditors. Su Zhu acknowledged the news to WuBlockchain: “yes, no comment, just busy building it”.

Can FTX claims be used as collateral for trading?

The exchange will allow its customers to use claims as collateral for trading. Per the pitch, the exchange will allow depositors o transfer their FTX claims to GTX and immediately get credited in a token called USDG.