3AC co-founders launch marketplace to trade crypto claims

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.

Bookmark (0)

Related Posts

Liquid staking tokens rally by 15% as Ethereum Shapella upgrade draws near

Liquid staking tokens rally by 15% as Ethereum Shapella upgrade draws near

Liquid staking platform tokens have seen their values increase following news that staked Ethereum withdrawals would be enabled on April 12.

Bookmark (0)
CipherTrace report reveals almost 50% of crypto total market cap was lost in 2022

CipherTrace report reveals almost 50% of crypto total market cap was lost in 2022

Despite the loss, the total crypto market cap increased over 20% from the third-quarter in to the fourth-quarter in 2022.

Bookmark (0)
BNB smart chain (BSC) receives user proposal for lower transaction fees

BNB smart chain (BSC) receives user proposal for lower transaction fees

According to the proposal, BSC’s high gas fees have led to a decline in network activity — pushing its utilization to around 15-20%.

Bookmark (0)
Gate.io suspends withdrawals of SafeMoon following public burn bug exploit

Gate.io suspends withdrawals of SafeMoon following public burn bug exploit

The attack was carried out by hackers that attacked the BNB-based chain DEX, draining $8.9 million in funds before being found.

Bookmark (0)
CryptoSlate wMarket update: XRP leads top 10 as BTC breaks $28,000 once again

CryptoSlate wMarket update: XRP leads top 10 as BTC breaks $28,000 once again

The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.

Bookmark (0)
XRP rises 10% against Bitcoin as USD value rises to five-month high

XRP rises 10% against Bitcoin as USD value rises to five-month high

Blockchain analytical firm Santiment reported that XRP’s social dominance is at its highest point in a year following its surge to $0.49.

Bookmark (0)

Leave a Reply

Your email address will not be published. Required fields are marked *