Open exchange, or “OPNX,” the crypto exchange created by Su Zhu and Kyle Davies, the founders of the bankrupt cryptocurrency hedge fund Three Arrows Capital, launched on Tuesday, April 4.
The platform’s launch will include a distribution of its native token called FLEX.
- OPNX CEO said users can trade spot and futures in a statement on Twitter. “We are here building OPNX because we want to help the industry,” xyz stated, adding, “Right now, there are over 20 million claimants worldwide for FTX, Celsius, and other platforms that are stuck waiting years just to access their funds and we think they deserve better.”
- Xyz stated that OPNX will look to launch claims trading for these bankrupt crypto businesses. These claims are essentially tokens representing user assets stuck on these platforms that will be tradable on OPNX.
- Today’s launch comes after OPNX raised $25 million from investors. The platform will not be accessible to users in some jurisdictions, including the U.S. and Canada.
- Three Arrows Capital was one of the worst-hit cryptocurrency-related companies last year, with its founders admitting that the Terra crisis, as well as BTC’s price drop to and below $20K, brought the hedge fund down.
- Kyle Davis and Su Zhu have been blamed for the multi-million dollar investor losses, and even though they have been subpoenaed in various cases, they are yet to be trialed.