Post-Bankruptcy Pivot: 3AC's Su Zhu And Kyle Davies Launch Exchange For Insolvent Crypto Firms' Claims
Open Exchange (OPNX), a crypto-focused exchange that offers to trade claims of bankrupt cryptocurrency companies, has officially launched, according to a tweet by CEO Leslie Lamb.
OPNX provides a platform for trading claims related to crypto exchange bankruptcies, with a claimed market value of $20 billion.
The exchange will offer claims of companies like FTX (CRYPTO: FTT) and CoinFLEX, with FTX claims currently trading at a discounted price of 20 cents on the dollar.
In addition to claims trading, OPNX also offers spot and futures trading for major tokens including Bitcoin (CRYPTO: BTC), Ether (CRYPTO: ETH), and USD coin (CRYPTO: USDC).
We are thrilled to announce that https://t.co/Q2HsUqSZ7E is now live! Sign up to trade spot and futures immediately. Claims trading coming very soon
A message from our CEO Leslie: pic.twitter.com/VVVX00AzHf
— OPNX 💪 (@OPNX_Official) April 4, 2023
The native token of the platform is CoinFLEX's FLEX token, which can be used to receive up to a 50% discount on trading fees and is expected to improve value for holders in the future.
The exchange was created by the founders of bankrupt hedge fund Three Arrows Capital and co-founders of CoinFLEX, with claims trading set to go live in the coming weeks.
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