The founders of Three Arrows Capital open new crypto exchange OPNX
The OPNX crypto exchange will allow trading with bankruptcy claims and adopts CoinFlex’s native crypto-FLEX.
Almost a year after crypto hedge fund Three Arrows Capital (3AC) filed for Chapter 11 bankruptcy, its founders launched a new crypto exchange OPNX. Su Zhu and Kyle Davies announced on Tuesday, April 4 that the OPNX exchange is now available for business.
OPNX Crypto Exchange
Short for Open Exchange, OPNX is a first-of-its-kind crypto exchange that will allow users to trade claims from a bankrupt crypto company. Thus, it will allow trading in the $20 billion market for crypto-related bankruptcy claims. OPNX said it will offer to trade claims from companies such as CoinFLEX and crypto exchange FTX.
In the last month of March, FTX claims were trading at 20 cents to the dollar. According to OPNX CEO Leslie Lamb, claims trading will go live in the coming weeks on the exchange. In addition to the claims trade, the crypto exchange OPNX also offers spot and futures trading for some of the major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE) and USD Coin (USDC).
The OPNX crypto exchange was created when the 3AC founders teamed up with Coinflex CEO Mark Lamb. Last month in March, the Seychelles courts approved the firm’s restructuring plans by converting Coinflex to OPNX.
However, according to the memo sent on Tuesday, April 4, OPNX will not be available in certain jurisdictions such as the United States, Canada, and some African countries.
OPNX’s Native Token FLEX
As part of the restructuring in CoinFLEX, its native token FLEX will also serve as the native token of the OPNX platform. Holders of the FLEX token will receive a 50% discount on trading fees as the token will be periodically burned or permanently withdrawn from circulation.
Thus, if the demand for the OPNX exchange increases in the future, it will increase the value held by FLEX holders as the supply gradually decreases.
In an announcement to community members on Tuesday, crypto exchange OPNX said it will conduct a distribution of the original token FLEX as a “sign of gratitude”. The announcement reads:
“Many of you may know that FLEX will power OPNX as the initial ecosystem token. As a token of our appreciation, we have included eligible users on a waiting list in our FLEX coin distribution (ie, no action is required on your part).”
The FLEX crypto currently has a market capitalization of $256 million, but remains traded with only daily trading volumes up to $796,000.
next
