Just like the gargantuan corpse of a slain god, FTX is offering loads of meal alternatives.
Right here’s The Block:
Su Zhu and Kyle Davies, the founders of collapsed crypto hedge fund Three Arrows Capital (3AC), are hoping to boost $25 million to start out a brand new crypto change known as GTX, in response to two separate pitch decks obtained by The Block.
Information of the fundraise comes two months after change large FTX imploded, leaving greater than one million collectors out of pocket. The brand new change takes benefit of the scenario providing depositors the flexibility to switch their FTX claims to GTX and obtain speedy credit score in a token known as USDG, the pitch deck mentioned.
The change’s title is even a spin on “FTX,” with one of many GTX pitch decks opening with the road “as a result of G comes after F.”
When you’ve completed laughing, you may contemplate crying. In case you’ve already repressed the occasions of final yr, Singapore-based crypto “hedge fund” Three Arrows Capital (3AC) collapsed after being blown up by margin calls — with a number of different crypto gamers caught within the aftershocks.
Properly, don’t despair: 3AC’s architects are again, bringing with them Mark Lamb and Sudhu Arumugam, the co-founders of CoinFLEX — which filed for restructuring final yr after June’s crypto tumult pressured a suspension of withdrawals.
If that pedigree hasn’t already acquired you champing on the bit, now we have one in every of their pitch decks (h/t Kadhim Shubber), which we’re sharing on your ‘enjoyment’.
You’ll be able to obtain the total PDF right here, or get pleasure from our alternative of highlights.
The pitch begins in earnest with some primo dataviz. We predict that is speculated to be like a snowball, however can’t assist be reminded of the long-lasting James Bond gunbarrel intro. Potential buyers will presumably be hoping this ends with much less purple on the display screen.
The subsequent slide pledges to fill the “energy vacuum” left by FTX. Maybe essentially the most telling sentence is the plan to “Enchantment to crypto buying and selling urge for food of claimholders” — implying that individuals burnt by the collapse of FTX will probably be fiending for some extra crypto enjoyable. Hell, perhaps they’re proper. You’ll be able to’t belief folks.
Subsequent comes an identical leap of religion: that your boyfriend, who has $4k caught in FTX, is solely searching for a brand new alternative to YOLO it.
GTX, naturally, is the answer (when you occur to disregard locations like Cherokee Acquisition, the place our colleagues report that FTX claims are already buying and selling for 10-14 cents on the greenback).
For no specific motive, we’re going to spotlight the sentence “Collateral worth backstopped by debt companies” as a result of this feels on no account like foreshadowing.
A couple of slides on, within the top-right, is a gem.
Collectors might proceed to carry their claims to maturity or elect to promote them to crypto, whereas utilizing claims as margin capital.
We truly can’t be mad at this, it’s so diabolical.
The deck pledges battle-tested know-how, which given the pedigree of its founders is presumably akin to how the Loss of life Star was battle examined.
Look, when you’re not already offered, keep in mind all they want is $25mn. Time to market is “ASAP by finish of February”, so don’t miss out!