Web3 news, The Chainsaw

Web3 Daily Dose: Fugitive Founders To Launch New Crypto Exchange, Twitter Adds New ‘Cashtags’ & More

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Gm. Here’s the top Web3 & crypto news you need to know this morning:

  • The founders of bankrupt crypto hedge fund Three Arrows Capital are trying to raise US$25 million to launch a new cryptocurrency exchange called ‘GTX’.
  • Twitter has added a number of new ‘Cashtags’ which display the price of crypto tokens internally on the platform.
  • The crypto market continues reaching upwards with the overall market rallying 20% in the last week.
  • South Korea’s capital city Seoul, has opened up its metaverse project to the public.

The founders of Three Arrows Capital want $25M for a new crypto exchange

Two of crypto’s most notorious figures, Su Zhu and Kyle Davies have made headlines this morning after it was revealed by The Block that the duo are looking to raise US$25 million for a new crypto exchange called ‘GTX’.

Citing the pitch deck surfaced by Chinese crypto journalist Wu Blockchain, the name ‘GTX’ stems from the humorous notion that “G comes after F,” in a clear nod to the failed crypto exchange FTX. Su Zhu has now made multiple comments on FTX’s CEO Sam Bankman-Fried at the time of the collapse.

According to their own pitch decks, the US$25 million that Zhu and Davies are looking to raise will help them launch a new exchange that will focus primarily on trading in crypto bankruptcy claims.

For context: Su Zhu and Kyle Davies are the founders of the now-bankrupt crypto hedge fund Three Arrows Capital (also known by its acronym ‘3AC’),. The pair have refused to cooperate with investigators and currently owe investors approximately US$3 billion after their hedge fund collapsed in May last year. Their whereabouts are unknown and they are wanted by the authorities for a number of white-collar charges.

Twitter rolls out a bunch of new ‘Cashtags’

Twitter first launched the ‘$Cashtags’ feature — which allows Twitter users to see detailed price information on stocks and cryptocurrencies — on December 22 last year.

Recently however, the social media platform has quietly added more than 30 new cryptocurrencies to the feature, with ‘Cashtags’ now available for crypto assets including Dogecoin (DOGE), Solana (SOL) Cardano (ADA) and Avalanche (AVAX).

A number of the more notable crypto communities on Twitter were overjoyed with the new additions, particularly the outspoken fans of popular memetoken Dogecoin.

Crypto markets continue on their bite-sized bull run, up 20% for the week

The crypto market is currently on its longest sustained rally since February 2021, with Bitcoin (BTC) surging from US$16,600 on the first day of the new year to US$21,294 at the time of writing.

The recent crypto pump, which started on the very first day of 2023 has already seen investors throw more than US$200 billion back into the crypto ecosystem, with the total market cap reaching above the US$1 trillion mark for the first time since September last year.

The best performing tokens of the 2023 bull run have been Decentraland’s ‘MANA’ token which is currently up more than 75% over the last seven days.The second largest gainer of the bull run has been the initially unpopular blockchain Aptos (APT), which entered the market as a new alternative to Ethereum. It’s APT token is currently 66% for the week. Following APT into third place is the native token of a stablecoin protocol dubbed ‘Frax’ (FXS) and is currently up 62% for the week.

The rally, which has taken may completely by surprise, has left a single question in the front of every investors’ mind: is the crypto bull market back?

While it’s possible that the crypto bull market might be here to stay, Josh Gilbert, a market analyst from eToro told The Chainsaw that despite the sea of green that’s washing across the charts, investors should be careful before diving headfirst into crypto.

“Investors shouldn’t get ahead of themselves,” Gilbert warned. “The crypto bears won’t go down without a fight, and although we have started 2023 with positivity from the inflation front, there’s still a long way to go for inflation to reach the Fed’s 2% target. Volumes are still low in crypto markets, and investors aren’t willing to pile back into markets just yet.”

Seoul opens its metaverse project to the public.

The Seoul City Government has unveiled its ‘Metaverse Seoul’ project which will allow residents of South Korea’s capital city to access a range of different city services within a virtual environment.

Seoul Mayor Oh Se-hoon on a demo version of the city’s plans to launch government services in the metaverse.

According to the official announcement made by Seoul’s mayor, Oh Se-hoon, the metaverse will be a “place of creativity, play and communication for citizens”. The new virtual environment will allow Seoul residents to virtually visit many of the capital city’s main attractions, access a range of their official document and even assist residents in filing their taxes.

The total cost of the first phase of the ‘Metaverse Seoul’ project stands at approximately US$1.6 million, according to a report form local newspaper ChosunBiz.

And that’s all the Web3 news you need to know before you start your day.