OPNX, 3AC Co-founders’ New Exchange, Is Now Live

Key Points:

• OPNX, the new exchange founded by Three Arrows Capital’s co-founders Kyle Davies and Zhu Su, is now live.
• It is a trading platform that purports to provide a market for crypto-related bankruptcy claims.
• When the claims-trading option is released, consumers will be required to pay an upfront charge and go through a multistep procedure before seeing any cash.

The new exchange OPNX, launched by Three Arrows Capital co-founders Kyle Davies and Zhu Su, is already operational.

The exchange intends to tokenize customers’ claims against insolvent cryptocurrency firms, enabling them to utilize bankruptcy claims as collateral while trading perpetuals.

OPNX has stated that claims trading for Celsius, FTX, and other estates will be available soon.

Blockchain.com reported $270 million in losses on a Three Arrows Capital loan in July. BlockFi, Genesis, Deribit, and Finblox were among the other large creditors of 3AC that lost out.

In a nutshell, 3AC staked the property on rising values, borrowing money to reinvest in other projects. Yet, when the market crashed, so did their approach.

Notwithstanding this failure, Zhu and Davies revealed their intentions for a new company endeavor in January. Their most recent initiative is the OPNX exchange, also known as the Open Exchange, which has just concluded a successful financing round. The couple is said to have secured $25 million, although Davies has not revealed who the investors are.

When the claims-trading option is released, consumers will be required to pay an upfront charge and go through a multistep procedure before seeing any cash.

People must apply to transfer their claim to OPNX, which requires them to provide personal information as well as claim data. It would then take over the user’s estate account.

Provided that everything is in order, OPNX credits the account associated with the claim. A user might “cash out” or utilize the credit given against the claim to leg back into a trade, purchase Bitcoin or anything.

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

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Harold

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