[ad_1]
Jamie Dimon, CEO of JPMorgan Chase, has argued that getting fiscal policy “right” will influence the fate of America over the next 100 years.
Founders of failed cryptocurrency hedge fund firms are trying to launch an exchange where creditors of failed digital asset firms, including their own, can buy and sell claims.
Su Zhu, co-founder of failed crypto hedge fund manager Three Arrows Capital Ltd., says he and others are looking to raise $25 million in seed funding for a new platform. rice field. A pitch to potential investors seen by The Wall Street Journal called the company GTX, a nod to the collapsed cryptocurrency exchange FTX.
Zhu said GTX is not the company’s final name. Other founders include Kyle Davies, who co-founded Three Arrows, and Mark Lamb and Sudhu Arumugam, co-founders of cryptocurrency exchange CoinFLEX. They are likely to finalize the company’s name next week.
Cryptocurrency prices were mixed early Monday morning. (Photo illustration by Chesnot/Getty Images) (Photo illustration by Chesnot/Getty Images/Getty Images)
new year bitcoin
A wave of crypto companies filed for bankruptcy protection last year after the value of various cryptocurrencies plummeted and financial stress spread across the industry.
CRYPTO.COM Cuts Staff By 20% Over Financial Hurdles And FTX Collapse
Three Arrows defaulted on about $2.4 billion in loans from cryptocurrency lender Genesis Global Capital last year. The lender’s parent company, Digital Currency Group Inc., has claimed about $1.2 billion against Three Arrows. Last summer, a court in the British Virgin Islands ordered the liquidation of Zhu and Davies’ company after creditors, including DCG, sued them for failing to repay their debts.
Cryptocurrency exchanges are spending big to advertise at next Sunday’s Super Bowl between the Los Angeles Rams and Cincinnati Bengals. (Photo illustration by Chesnot/Getty Images) (Photo illustration by Chesnot/Getty Images/Getty Images)
Zhu said some Three Arrows creditors have the option to convert their bonds into shares in the new bond trading firm.
House Republicans Launch Digital Assets Subcommittee After Difficult Year for Cryptocurrency Industry
Other crypto companies, including lenders Celsius Network LLC and BlockFi Inc., and exchange FTX have also filed for bankruptcy. Investors fear more companies will go bankrupt. The Wall Street Journal reports that Genesis is considering filing for bankruptcy.
Illustrated photo taken in London on May 8, 2022 shows cryptocurrency in gold-plated souvenirs. (AFP/Getty Images via Justin Tallis/Getty Images)
Bankruptcy proceedings are often lengthy, and creditors may have to wait years to get back some of their funds (if any). Creditors at once-dominant cryptocurrency exchange Mt. Gox are still awaiting collection of their funds after nearly a decade.
CLICK HERE FOR MORE INFORMATION ON FOX BUSINESS
GTX estimates in its pitch deck that there is a $20 billion cryptocurrency market based on the nominal value of cryptocurrency claims. GTX aims to gain an edge over rival bankruptcy debt trading startup Xclaim Inc. by offering lower fees.
[ad_2]
Source link
