Connect with us
Active Currencies 14791
Market Cap $2,469,545,528,576.10
Bitcoin Share 51.84%
24h Market Cap Change $-2.13

3AC founders launch new crypto exchange amidst backlash

2min Read
3AC founders launch new crypto exchange amidst backlash

Share this article

  • 3AC founders Su Zhu and Kyle Davies are launching a new crypto exchange.
  • The founders have teamed up with CoinFLEX’s Mark Lamb for their new venture.

In an interesting turn of events, Su Zhu and Kyle Davies, the men behind the failed crypto hedge fund Three Arrows Capital (3AC), have launched a new crypto platform. The platform, called Open Exchange (OPNX), is supposedly:

“The world’s first public marketplace for crypto claims trading and derivatives.”

3AC founder defends launch of new exchange 

In a Twitter thread, 3AC co-founder Su Zhu, who fled Singapore last year after his $10 billion crypto hedge fund collapsed, claimed that his creditors supported the idea of setting up a new crypto exchange. According to him, the creditors believed that OPNX was the wisest way to use the remaining resources. 

3AC’s founders were launching Open Exchange in partnership with Mark Lamb, the CEO of CoinFLEX. According to OPNX’s official website, users will be able to use claims against bankrupt crypto firms like FTX, Celsius, Voyager and Three Arrows Capital, among several others, to trade or as margin collateral. The new exchange was looking to tap into what it derived was a $20 billion market of crypto claims. 

On Twitter, Su Zhu announced:

“It is with humility that we announce the claims waitlist is now open, with site UI/UX beta testing coming very soon.”

However, the waitlist was not open to claimants from the United States at press time.

Zhu further claimed that OPNX will bring together the best of DeFi and CeFi in a bid to unlock trapped claims. 

CoinFLEX’s native token FLEX would serve as the primary token of Open Exchange. It was interesting to note that the FLEX’s price went down more than 30% following the announcement of OPNX’s launch at the time of writing. However, crypto Twitter remained vocal in its disapproval of this new venture from 3AC’s founders at press time. 

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.