On Tuesday, April 4, the founders of Three Arrows Capital, Su Zhu and Kyle Davies, launched Open Exchange or “OPNX,” the crypto exchange.
FLEX, the platform’s native token, will be distributed during the launch.
- OPNX CEO, xyz, announced on Twitter that users can trade spot and futures. “We are here building OPNX because we want to help the industry,” xyz stated, and added “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.”
- OPNX plans to launch claims trading for bankrupt crypto businesses such as FTX and Celsius. These claims will be tokens representing user assets stuck on these platforms that can be traded on OPNX.
- The platform raised $25 million from investors but will not be accessible to users in some jurisdictions, including the U.S. and Canada.
- Last year, Terra crisis and BTC’s price drop to and below $20K caused Three Arrows Capital to file for bankruptcy.
- The founders Kyle Davis and Su Zhu are yet to be trialed, even though they have been subpoenaed in various cases blaming them for the multi-million dollar investor losses.