OPNX Goes Live as a New Crypto Exchange for Tokenizing Claims
OPNX, a new cryptocurrency exchange founded by Kyle Davies and Zhu Su of Three Arrows Capital, has officially launched. The exchange aims to tokenize customers’ claims against defunct cryptocurrency firms so that these claims can be used as collateral when trading perpetually. In the future, trading of claims for FTX, Celsius, and other estates will also be possible.
OPNX Launches Native Token FLEX with Market Valuation of $256 Million
However, customers will have to go through several hoops before they can withdraw their money. To transfer a claim to Open Exchange, applicants must submit an application that requests information about themselves and their claim. If the claim is valid, Open Exchange will add the funds to the designated account. The user can withdraw cash, re-enter a deal using credit, acquire Bitcoin, or do whatever else they want with the funds.
https://t.co/Q2HsUqSZ7E is now live! 💪
✅ Sign up now to trade crypto spot + futures
✅ Earn 30% affiliate commission
✅ Up to 50% trading fee discount with $FLEXClaims trading for Celsius, FTX & other estates coming next—giving over 20 million claimants a way to become whole pic.twitter.com/WgWQIlWzpU
— OPNX 💪 (@OPNX_Official) April 4, 2023
OPNX also introduced its native token, FLEX, which will be the driving force behind the exchange. FLEX has a market valuation of $256 million but is lightly traded, with just $796,000 worth of currency changing hands in the previous 24 hours.
Three Arrows Capital Establishes OPNX
OPNX was first established by Three Arrows Capital. It was one of the most prominent companies to fail during the crypto credit crisis of 2022. By a rebranding of the old derivatives arena and a partnership with the aforementioned former pupils, Coinflex CEO Mark Lamb was able to establish the company. There will be assistance for trading in insolvency claims relating to defunct exchanges such as Sam Bankman-FTX. Fried’s firm is managed by Leslie Lamb, who is also the CEO and is married to Mark Lamb.
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According to an interview that Zhu gave to the Wall Street Journal back in February, OPNX has successfully raised nearly $25 million in funding. On the other hand, users in the United States of America, Canada, and a number of countries in Africa cannot access the exchange.
OPNX aims to address the problem of defunct cryptocurrency firms. It allows customers to tokenize their claims and use them as collateral when trading perpetual. With the launch of the exchange and the introduction of its native token FLEX, OPNX will revolutionize the cryptocurrency industry. However, customers will have to go through a rigorous process to withdraw their funds, and the exchange is not yet available in several countries.
