CoinFLEX said that it will not bear the name GTX after the project received intense mockery on social media due to its name resembling the now-defunct FTX.
What Happened: Su Zhu and Kyle Davies, the founders of the now defunct Three Arrows Capital (3AC), are aiming to raise $25 million in funds with CoinFLEX’s Mark Lamb and Sudhu Arumugam to construct a new exchange that would offer customers the possibility of converting their claims related to FTX into a token known as USDG with instantaneous credit.
Social media, however, went irate after reports of Zhu and Davies’ pitch deck suggested they planned to name their exchange GTX, resembling FTX — the name of the exchange founded by Sam Bankman-Fried — “because G comes after F.”
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Image and article originally from www.benzinga.com. Read the original article here.