3AC co-founders launch marketplace to trade crypto claims


Open Exchange said there is “a $20 billion market of claimants” desperately searching for a marketplace to monetize their claims against bankrupt crypto firms.

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.

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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.

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CryptoSlate previously reported that the 3AC founders sought $25 million to launch a new crypto exchange called GTX.

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Author: Oluwapelumi Adejumo

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