- Coinflex has written a blog post to clear up “misconceptions” over the proposed GTX exchange
- The company said that its founders would stay on and they envisioned it being the future of the company
- The name GTX is a “placeholder”, albeit a shockingly ill-thought out one
The co-founders of Coinflex, who were derided after it was revealed that they are teaming up with the co-founders of collapsed crypto hedge fund Three Arrows Capital for a new venture, have attempted to clarify some of the “misconceptions” over the plan. Coinflex posted an update overnight in which it stated that Mark Lamb and Sudhu Arumugam would remain in their roles at the company and that Coinflex could be rebranded into the new entity, provisionally named GTX. The move comes as Coinflex is battling the crypto winter and attempting to get $84 million out of Roger Ver.
Crypto World Taken Aback by GTX Proposal
The crypto world was taken aback this week when it was revealed that Lamb and Arumugam were teaming up with disgraced crypto hedge fund operators Su Zhu and Kyle Davies to create a new exchange that would start by buying claims for defunct platforms off customers in exchange for a token – the same platforms that Zhu and Davies helped to bring down with their mismanagement.
Coinflex acknowledged the “media speculation” that has surrounded the proposed project and penned the blog post to “clarify misconceptions about the leaked materials”. Coinflex confirmed that Lamb and Arumugam would “remain”, with Lamb continuing to be CEO, and then tackled the name, which has attracted huge derision – the pitch deck sent to potential investors claims that this had been chosen because “G comes after F”. This, Coinflex says, is a placeholder name that won’t be the final one.
They could have chosen something better.
Coinflex Sees Claims Exchange as Future of the Company
It seems that Coinflex is going to play a bigger role in the proposed company – according to the blog post it might be rebranded into the new entity, while CoinFLEX creditors will be “the largest class of shareholders”. Clearly, Coinflex sees this as more than an investment – it sees this as the future of the company.
