3AC and CoinFLEX Launch Crypto Bankruptcy Trading Website

3AC and CoinFLEX previously proposed a crypto exchange project. Indeed, it has just materialized with the launch of an official website and a waiting list since February 09. The project is called Open Exchange (OPNX). It is said to be the first-ever public market for trading crypto and derivatives claims.

Coin Telegraph announcing the launch of the exchange which will allow trading of crypto claims from 3AC and CoinFLEX.

OPNX the most transparent CEX in the world?

Three Arrows Capital (3AC) is a hedge fund that went bankrupt in the middle of the crypto winter last year. Its co-founder, Su Zhu, now announces that the project undertaken with CoinFLEX is almost ready. Indeed, in a tweet relayed by CoinTelegraph, we learned of the opening of a waiting list on OPNX. This new platform should make it possible to exchange claims against funds frozen on bankrupt stock exchanges. Thus, the list is open to applicants for Genesis, Celsius and BlockFi, and Bitcoin Mt. Gox bankrupt loans.

Zhu Su started the project to correct past mistakes. According to him, OPNX will become the most transparent CEX in the world. ” June/July was utter darkness for me, Kyle and our creditors after our bet on accelerating crypto adoption turned out to be fatally wrong. We were crushed by the market crash and how our misplaced belief had contributed to the pain. It was a dark time and we weren’t perfect in how we handled the fallout, but we were determined to do everything we could. [pour] build something that takes all the pains/lessons and uses it to advance crypto. ” did he declare.

What can we expect from the new 3AC and CoinFLEX exchange?

According to Zhu Su, Open Exchange will provide ” real-time public crypto audits. “These are supposed to ensure that” all user funds are demonstrably intact. For a start, the exchange will offer debt trading services. Subsequently, it will support currencies, stocks and other products. According to Su, we will get the best from CEFI and DEFI.

3AC has already had to go bankrupt and nothing can really guarantee that this new exchange will be more successful. Yet last January, Su shocked several former investors. Indeed, in a leak, we learned that he wanted to name his exchange GTX. A name strongly resembling the fallen and controversial exchange FTX. Is an exchange to trade the assets of bankrupt exchanges a project to be encouraged?

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