Crypto Bulletin – 17th of January | GTX: A Venture by Failed Crypto Exchange Founders (3AC, CoinFlex) | Seoul Government Launched First Public Metaverse

This week is going great for the crypto market as Bitcoin moved over $20k and most of the altcoins saw a nice rally in a short period of time. But we can clearly see a slowdown in the momentum and pullback across the market. Apart from the market, it is important to keep updated with the other news in the crypto space, it gives a wider perspective to the entire market and how it is growing and getting adopted all over the globe. To fulfill that, we come up with the most important and latest crypto news in Crypto-Bulletin.

Today we will see the news related to 3AC and the very first public metaverse. So, let’s get started…

GTX: A Venture by Failed Crypto Exchange Founders (3AC, CoinFlex)

Three Arrow Capital aka 3AC was one of the hedge funds in the crypto space that got liquidated in 2022 because of the Terra Luna crash and the unhealthy practices of the founders and the fund. The founders of 3AC, Kyle Davies and Su Zhu were in the spotlight during the 3AC liquidations, lots of allegations were made and it is supposed that because of their mishandling of the investor funds, 3AC got liquidated.

After this liquidation drama, both the founders came together to start a new venture, a new exchange. It is official that both the old friends are raising $25M for their next along with other two co-founders Mark Lamb and Sudhu Arumugam, another failed pair of exchange founders (CoinFlex) It is interesting to see how investors respond to this venture by the completely failed team. Well, they failed at the level of normal investors but made millions for their investors, so let’s see how things go there. GTX is the new name of a new exchange, which is supposed to be the Claim exchange. Here traders can trade claims of FTX, Celsius Network, BlockFi, and other bankrupted crypto projects.

I am not sure how these guys get to make mistakes that cost millions of dollars to their customers, like common people like you and me, and get away with it and then come back to re-write the story from scratch. That’s my personal opinion, people should hold responsible at that level, at least when they are involved in the process and could have stopped the crashes.

Anyway, here is the GTX pitch, if you’re interested you can check it here: GTX Pitch (PDF)

Seoul Government Launched First Public Metaverse!

Metaverse was the hype in the last couple of years but it all faded with the crash in the crypto space, and then the actual building started in the space! Many brands like Adidas, and Samsung entered the space. Along with the collectibles and arts, we moved to the next phase of the use cases of Non-Fungible Tokens (NFTs) and the metaverse itself. The capital of South Korea, Seoul has launched the very first public metaverse where users can have consulting services, take virtual tours of the city’s popular places, and many other things. Seoul Mayor Oh Se-hoon stated ‘Metaverse Seoul’ as:

Is an inclusive administrative service that everyone can take advantage of without any time and obstacles.

The recently launched public metaverse goes by the name ‘Metaverse Seoul’, where citizens of Seoul as well as travelers can use the metaverse. The metaverse allows users to perform simple tasks like chatting with each other and comparatively complex things like filing documents, getting information on taxes, and other government stuff. It is currently available on Google Play and Apple Store, English translation is available so it is easy to use for foreigners as well.

The development of the ‘Metaverse Seoul’ is supposed to be carried out in three phases, and this is the first phase. In the upcoming phases, the focus will be on developing the ‘easy mode’, to fill the technological gap between elder people and the current generation, plus the development of translation into Chinese and Japanese languages.

This is a great use case of the metaverse, as everything will be digitalized and administrative things can be done easily and in an interesting way. This is a great initiative by the Seoul Government, as it is the only major city that launched the public metaverse, it will be interesting to see how other city’s across the globe adopt it.
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