Open Exchange said there is “a $20 billion market of claimants” desperately searching for a marketplace to monetize their claims against bankrupt crypto firms.
1 min read
Updated: February 9, 2023 at 6:58 pm
Cover art/illustration via CryptoSlate
Founders of bankrupt crypto hedge fund Three Arrows Capital founders Zhu Su and Kyle Davies, in collaboration with CoinFLEX co-founders, have launched the “first public marketplace for crypto claims” Open Exchange.
According to a Feb. 9 Twitter thread, Open Exchange (OPNX) said there is “a $20 billion market of claimants” desperately searching for a marketplace to monetize their claims against bankrupt crypto firms like FTX, Voyager, Celsius, Genesis, BlockFi, Mt Gox, HodlNaut, 3AC, and many others.
The new centralized exchange added that it would build a centralized exchange with “real-time public cryptographic audits of the leverage in the system— the collateral backing open interest.”
“Our goal is to combine the transparency and trustlessness of DeFi, with the performance and UX of a CEX.”
OPNX said its native token would be CoinFLEX’s FLEX. The token acts as the exchange’s fee-paying token and would maintain its current tokenomics.
Zhu Su corroborated the exchange’s statement in a separate Twitter thread. He added that the exchange would implement all the previous year’s knowledge into their new operations.
CryptoSlate previously reported that the 3AC founders sought $25 million to launch a new crypto exchange called GTX.
Recent 3AC Stories
3AC liquidators files against Kyle Davies for ignoring Subpoena order
Christian Nwobodo · 1 day ago · 1 min read
CryptoSlate Wrapped Daily: 3AC founders building new exchange; SBF maligned by ex-FTX US president
Mike Dalton · 3 weeks ago · 3 min read
3AC, CoinFLEX co-founders looking to raise $25M for new crypto exchange
Christian Nwobodo · 3 weeks ago · 1 min read
Go to Source
Author: Oluwapelumi Adejumo
Recommended Crypto Services, Products and Strategies:
The first thing any crypto investor needs is is a reliable and secure Crypto Wallet. Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.
When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered. The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing.
If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.
For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!
What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.
You may also be interested in