Venture capital firms distance themselves from OPNX funding


Trading on OPNX is still low as it saw only $79,742 worth of transactions in the last 24 hours, according to Coingecko data.

Cover art/illustration via CryptoSlate


At least two venture capital firms — Nascent and DRW — have distanced themselves from OPNX.

Earlier today, OPNX revealed that its major investors included AppWorks, Susquehanna (SIG), DRW, MIAX Group, China Merchant Bank International, Token Bay Capital, Nascent, and Tuwaiq Limited.

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According to the exchange, its investors “contributed not just capital, but also incredible feedback throughout the process of refining our vision, product offerings, tokenomics, legal framework and decision to relocate to Hong Kong.”

However, DRW has distanced itself from the exchange. A Coindesk report said a spokesperson for the company disclosed that it did not invest in OPNX.

DRW is a venture capital firm that has invested in crypto projects like BitFury, BitGo, TRM Labs, Cboe Digital, etc.

Nascent also clarified that it did not participate in a funding round for OPNX. The firm added:

Nascent did not participate in an OPNX fundraising round, we invested in FLEX tokens in early 2021.”

Nascent has invested in firms like Alchemix, Aztec, Alliance DAO, etc.

Meanwhile, CryptoSlate has not yet received a response from OPNX’s other alleged investors.

After a slow start to life, trading has steadily picked up on OPNX’s platform. According to CoinGecko data, the latest 24-hour spot volume on the exchange is $79,742 — Bitcoin and Ethereum trades account for 91% of this volume.

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Posted In: Exchanges

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Author: Oluwapelumi Adejumo

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