The bankrupt hedge fund Three Arrows Capital's (3AC) founders, Su Zhu and Kyle Davies, launched a new crypto exchange dubbed OPNX.
The launch also includes a token giveaway of OPNX's native token, FLEX, for eligible users on the waitlist.
- The platform is not available in certain regions, including the U.S. and Canada.
- The Dubai-based venture raised $25M from investors.
- The
new crypto exchange mainly aims to support the trading of user assets
in the form of tokens stuck on bankrupt crypto platforms, including FTX
and Celsius.
- Zhu and Kyle established the exchange by rebranding the derivatives platform CoinFLEX in collaboration with its CEO, Mark Lamb.
- Mark Lamb's wife, Leslie Lamb, became the CEO of OPNX.
- FLEX's market cap currently stands at $256M.
- Three
Arrows Capital had to file for bankruptcy in July last year with the
impact of a prolonged crypto winter triggered by the multi-billion
dollar Terra ecosystem's collapse in May.
- Founders Kyle Davis and Su Zhu were held responsible for the failure and multi-billion dollar losses by many people after the bankruptcy.
