The OPNX crypto exchange will allow bankruptcy claims trading and will adopt Coinflex’s native crypto flex.
Nearly a year after crypto hedge fund Three Arrows Capital (3AC) filed for Chapter 11 bankruptcy, its founders launched OPNX, a new crypto exchange. Su Zhu and Kyle Davis announced on Tuesday, April 4 that the OPNX exchange is now available for trading.
openx crypto exchange
Short for Open Exchange, OPNX is the first crypto exchange of its kind that will allow users to trade claims of a bankrupt crypto company. Thus, this would allow for a $20 billion market for crypto-related bankruptcy claims to trade. OPNX Says It Will Offer To Trade Claims From Companies Like Coinflex And Crypto Exchange ftx,
In the last month of March, FTX claims were trading at 20 cents against the dollar. According to OPNX CEO Leslie Lamb, claims will begin trading on the exchange in the coming weeks. In addition to claims trading, crypto exchange OPNX also supports trading of some major cryptocurrencies such as bitcoin (B T c), Ethereum (ETH), Dogecoin (Doge), and USD Coin (usdc,
The OPNX crypto exchange came into existence as the 3AC founders joined hands with Coinflex CEO Mark Lamb. Last month in March, the Seychelles courts approved the restructuring plans of the firm by rebranding Coinflex to OPNX.
However, according to a memo sent out on Tuesday, April 4th, OPNX will not be available in some jurisdictions such as the US, Canada and some African countries.
OPNX’s Native Token Flex
As part of the reorganization at Coinflex, its native token will also serve as the native token of the FLEX OPENX platform. Holders of the FLEX token will receive a 50% discount on trading fees as the token will be periodically burned or permanently taken out of circulation.
Thus, if demand for the OPNX exchange increases in the future, it will boost the value held by FLEX holders as the supply gradually decreases.
In an announcement to its community members on Tuesday, crypto exchange OPNX said it would be conducting a giveaway of the native token FLEX as a “token of appreciation.” the announcement reads,
“Many of you may know that FLEX will power OPNX as a native ecosystem token. As a token of our appreciation, we have included eligible waitlisted users in our FLEX Coin Giveaway (i.e. your No action is required from
FLEX Crypto currently has a market cap of $256 million, but it only trades with a daily trading volume of up to $796,000.
Bhushan is a Fintech enthusiast and has a good grasp of understanding the financial markets. His interest in economics and finance drew his attention to the newly emerging blockchain technology and cryptocurrency markets. He is in the process of continuous learning and keeps motivating himself by sharing his acquired knowledge. In his spare time he reads thriller fiction novels and occasionally explores his culinary skills.
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