Su Zhu and Kyle Davis, two of the founders of bankrupt crypto hedge fund Three Arrows Capital (3AC), have closed a funding round for their new OPNX exchange and will acquire the remaining assets. troubled exchange coinflex,
The fundraising news for the new exchange was shared in a Twitter thread by popular community member and DeFi researcher Ignas, who said that Kyle Davis reached out to him and confirmed the news.
The exchange is said to have raised $25 million, but Kyle Davis reportedly declined to say who the investors are.
In his Twitter thread, Ignas also confirmed that OPNX – or Open Exchange – will acquire all of Coinflex’s assets, and this includes “people, technology and tokens”. Flex will be its own token of the new exchange, he said.
According to Ignas, how Flex will be used to pay fees on the platform bnb used to pay the fee binanceAnd 20% of the revenue generated will be used to buy and burn FLEX tokens.
The acquisition of Coinflex by OPNX is part of the former’s restructuring plan, which was approved by a Seychelles court on Monday this week, according to a blog. Post From Coinflex.
market for bankruptcy claims
OPNX is a marketplace for trading in bankruptcy claims from other crypto companies. market officially Opened your waiting list for users For those who want to put their claims up for sale back in February, Su Zhu calls it the world’s first marketplace for trading crypto claims.
“We talked to the creditors about several plans. And we all thought it was the smartest way to use our existing resources, all the painful lessons, and wanted to contribute to crypto,” Su Zhu said of the project in a Twitter thread at the time.
news that 3AC’s founders were starting their own exchange First broke in January this year. At the time, Su Zhu confirmed that they were indeed working on such a platform without elaborating on the plans.
The exchange was initially named GTX, which was reportedly chosen only because the “G” comes after the “F”, making the name a play on the now-bankrupt exchange FTX. It was later rebranded as Open Exchange or OPNX for short.