3AC Founders Roll Out New Exchange For Bankrupt Claims Trading And Derivatives

Key Points:

• Open Exchange is a public marketplace for crypto claims trading and derivatives based on a radically transparent exchange.
• Claim holders will be able to sell or trade with claims including, but not limited to: BlockFi, Celsius, FTX, Genesis, Mt. Gox, Voyager, and 3AC (Three Arrows Capital).

The founders of failed crypto hedge fund Three Arrows Capital (3AC), Zhu Su and Kyle Davies, have collaborated with the co-founders of crypto exchange CoinFlex to launch Open Exchange, which bills itself as the world’s first public marketplace for crypto claims trading and derivatives.

Open Exchange is a public marketplace for crypto claims trading and derivatives based on a radically transparent exchange where real-time public cryptographic audits validate every balance, liquidation, withdrawal, deposit, and trade is correct – and all user money is provably untouched.

According to Zhu Su’s thread, they begin as a claims trading/derivatives marketplace, then expand to fully decentralized custody/clearing, stocks/FX, and novel products in the next months. Their objective is to free captive claims through radical openness. the finest of both Defi and Cefi

As the exchange noted on its website, a $20 billion market of claimants is desperately looking for a solution. This list includes FTX, Voyager, Celsius, Genesis, BlockFi, Mt Gox, and many others. Over 90% of these claimants haven’t even filled in their information yet.

Open Exchange is a solution and home for those harmed by crypto crises. Allowing claimants to immediately unlock the value of their claims, either trading them into crypto or using them as margin collateral.

Soon after launch, claim holders will be able to sell or trade with claims including, but not limited to: BlockFi, Celsius, FTX, Genesis, Mt. Gox, Voyager, 3AC (Three Arrows Capital).

Open Exchange will be powered by FLEX, the centerpiece of the current CoinFLEX community. In addition to being the fee-paying token, it also appreciates the loyalty of its long-term supporters by giving them a stake in the new exchange. The tokenomics of FLEX will remain the same with a 100 million capped supply, a 20% revenue burn model, and as well as trading fee discounts for holders.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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