Post-Bankruptcy Pivot: 3AC's Su Zhu And Kyle Davies Launch Exchange For Insolvent Crypto Firms' Claims

Zinger Key Points
  • OPNX platform offers $20 billion market for crypto-related bankruptcy claims.
  • Native token FLEX offers up to 50% discount on OPNX trading fees.

Open Exchange (OPNX), a crypto-focused exchange that offers to trade claims of bankrupt cryptocurrency companies, has officially launched, according to a tweet by CEO Leslie Lamb.

OPNX provides a platform for trading claims related to crypto exchange bankruptcies, with a claimed market value of $20 billion.

The exchange will offer claims of companies like FTX FTT/USD and CoinFLEX, with FTX claims currently trading at a discounted price of 20 cents on the dollar.

In addition to claims trading, OPNX also offers spot and futures trading for major tokens including Bitcoin BTC/USD, Ether ETH/USD, and USD coin USDC/USD.

Also Read: Insane Trading Volumes, Massive Gains: South Korean Crypto Traders Go Wild Over Solar And Icon Tokens

The native token of the platform is CoinFLEX's FLEX token, which can be used to receive up to a 50% discount on trading fees and is expected to improve value for holders in the future.

The exchange was created by the founders of bankrupt hedge fund Three Arrows Capital and co-founders of CoinFLEX, with claims trading set to go live in the coming weeks.

Read Next: Terraform Labs Collapse: Eight People Connected To The Scandal Have $160M Worth Of Assets Seized

Posted In: CryptocurrencyNewsMarketsbankruptcy claimsBitcoinclaims tradingCoinFLEXcrypto-focused exchangederivativesdogecoinetherFLEX tokenFTXfutures tradingLeslie Lambmajor tokensnative tokenOPNXpublic marketplacespot tradingThree Arrows Capitaltrading feesUSD Coin
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