• CoinFLEX has attempted to clarify the story behind its new exchange, tentatively named GTX.
• The exchange would specialize in crypto bankruptcy cases and have the leadership of CoinFLEX and 3AC onboard.
• After being met with derision, CoinFLEX leadership wanted to give the crypto market another shot by setting the record straight.
CoinFLEX, a crypto derivatives exchange, and 3AC, a venture capital firm, recently attempted to give the crypto market another shot by setting the record straight on the story behind their new exchange, tentatively named GTX. According to CoinFLEX leadership, “there has been media speculation” on the subject of the new exchange they were building, which would specialize in crypto bankruptcy cases.
In an effort to counter the “speculation” on the subject of the leaked GTX pitch decks, CoinFLEX leadership assured users that both Mark Lamb and Sudhu Arumugam would be staying onboard in their respective leadership roles. Lamb is the CEO and founder of CoinFLEX, while Arumugam is the founder of 3AC. Additionally, CoinFLEX leadership noted that the exchange would be “built to the highest standards” and that the “integrity of the marketplace” would be of utmost importance.
The exchange would also feature “specialty products” such as “Smart Contracts for Order Management (SCOM) and margin trading,” as well as “secure storage solutions” and “advanced order types.” According to CoinFLEX, these features would provide “a secure, transparent and fair trading environment” for all users. Furthermore, the exchange would also provide a “robust API” that would allow developers to “build and deploy new products and services.”
CoinFLEX’s attempt to give the crypto market another shot was met with both praise and criticism. While some appreciated the transparency of the exchange, others felt that the exchange’s focus on crypto bankruptcy cases was a “risky” move. Ultimately, only time will tell if CoinFLEX’s initiative will pay off and if the new exchange will be a success.