OPNX Is Grateful To AppWorks, SIG, MIAX Group For Funding Them

  • Open Exchange (OPNX) is an exchange platform for trading in cryptocurrencies and derivatives.
  • This platform uses FLEX tokens.

OPNX exchange is a joint venture between members of the Three Arrows Capital (3AC) and Coinflex teams. They have disclosed the venture capital firms supporting their project. In an April 21 videotape, OPNX CEO Leslie Lamb thanked the sympathizers of the design, which included AppWorks, Susquehanna( SIG), DRW, MIAX Group, China Merchant Bank International, and Token Bay Capital.

OPNX Backed By Major Venture Capital Firms

The exchange will allow dealers to buy and sell claims against bankrupt enterprises such as 3AC and FTX.  OPNX has faced criticism from the crypto community for being associated with Su Zhu and Kyle Davies, the founders of the 3AC hedge fund, which has gone bankrupt. However, the company has defended itself and stated that it will help make customers of failed crypto ventures.

While some firms have threatened to disassociate themselves from anyone who funds the new exchange, the OPNX team has expressed its gratitude to those who believe in its mission of assisting over 20 million users. However, it has come to light that Nascent, a DeFi trading firm, previously claimed to be a backer of OPNX but clarified that it had only bought FLEX tokens from the company’s previous incarnation.

The venture capital firms supporting OPNX have funded various tech and financial projects in the past, with SIG being one of the early backers of TikTok, MIAX Group owning a US-regulated equities and options exchange, and AppWorks being listed as a partial owner of Uber on Crunchbase. 3AC, a crypto hedge fund established in 2012, lately issued a notice of dereliction by Voyager Digital for allegedly failing to pay back 15,250 BTC and 350 million USDC (USD Coin) that had been lent to it.

The hedge fund filed for bankruptcy on 1st of July, and some creditors have accused the founders of evading the bankruptcy court. The founders of Three Arrows Capital (3AC), Zhu Su and Kyle Davies, have collaborated with the co-founders of crypto exchange CoinFlex to create Open Exchange, a platform that aims to be a marketplace for trading what it claims is a $20 billion market of claims against bankrupt cryptocurrency firms, including 3AC. 

OPNX is being promoted as the world’s first public marketplace for crypto trading. Highlighting a $20 billion market of claimants searching for a solution to money lost at bankrupt cryptocurrency firms such as FTX, Voyager Digital, Celsius Network, CoinDesk sister company Genesis, BlockFi, Mt. Gox, and 3AC, OPNX offers the opportunity to monetize claims by providing a marketplace for trading.

The emergence of OPNX underscores the growing significance of cryptocurrency exchanges and trading platforms in the broader cryptocurrency ecosystem. With the cryptocurrency market expanding and maturing, there is an escalating need for dependable and secure trading platforms that can enable the trading of cryptocurrencies and associated assets.



, , ,