3AC Founders Open OPNX Crypto Exchange

3AC Founders Open OPNX Crypto Exchange

The founders of Three Arrows Capital (3AC), Su Zhu and Kyle Davies, have launched a new cryptocurrency exchange called Open Exchange, or “OPNX,” which began operations on April 4th, 2023. The launch of the platform coincides with the distribution of FLEX, its native token.

OPNX CEO, announced that users could trade spot and futures on the platform. The aim of the exchange is to help users who are struggling to access their funds on other platforms.

The CEO stated that over 20 million claimants worldwide for FTX, Celsius, and other platforms are stuck waiting years to access their funds. OPNX aims to provide a solution by launching claims trading for these bankrupt crypto businesses. These claims represent tokens that hold user assets on these platforms that are now tradable on OPNX.

The launch of OPNX comes after the company raised $25 million from investors. The platform is not accessible to users in some jurisdictions, including the U.S. and Canada.

Three Arrows Capital was one of the worst-hit cryptocurrency-related companies in 2022. The founders admitted that the Terra crisis and BTC‘s price drop to and below $20K caused the hedge fund to collapse. Su Zhu and Kyle Davis have been blamed for the multi-million dollar investor losses. Although they have been subpoenaed in various cases, they have yet to be trialed.

OPNX is an example of their determination to continue innovating and contributing to the industry. 

By providing a solution for users who are struggling to access their funds, OPNX aims to improve the cryptocurrency ecosystem and restore trust in the industry.