3AC founders Su Zhu and Kyle Davies are launching a new crypto exchange in partnership with Coinflex.
Open Exchange (OPNX) will allow users to trade their claims against bankrupt crypto firms like Celsius, FTX, and 3AC.
The new exchange aims to tap into the $20 billion crypto claims market.
Coinflex’s native token $FLEX will be the primary token of OPNX.
In a rather bold move, Three Arrows Capital (3AC) founders Su Zhu and Kyle Davies are launching a new crypto exchange that will allow users to trade claims against bankrupt crypto firms like Celsius, FTX, Voyager, and their very own 3AC. The founders of the defunct crypto hedge fund have teamed up with Mark Lamb, the CEO of the crypto exchange CoinFLEX.
3AC founders aiming to tap into the $20 billion crypto claims market
The new exchange will be called Open Exchange (OPNX). According to its official website, the crypto claims market is worth $20 billion. OPNX seeks to fill the gap by offering users a platform to trade their claims or use them as margin collateral. OPNX has marketed itself as “the world’s first public marketplace for crypto claims trading and derivatives.”
Open Exchange has opened the claims waitlist and is currently accepting early users for its upcoming beta testing. OPNX will use Coinflex’s native token $FLEX, as its primary token. The exchange assured users that the tokenomics of the token will remain the same with a 20% revenue burn model and trading fee discounts for holders. FLEX’S price has tanked more than 30% since the announcement of OPNX.
Su Zhu claimed in a lengthy Twitter thread that his creditors believed launching this exchange was “the wisest way to use our existing resources.” According to the 3AC founder, OPNX will mix the best of DeFi and CeFi to bring radical transparency and unlock trapped claims. Users on Twitter were not too thrilled about Zhu’s plans to step foot in the crypto space again.