According to An Official Announcement, The Exchange will allow Bankruptcy Claims to be Traded.
A Crypto Exchange Project Initially proposed by 3AC and Coinflex has now launched an official website and waitlist as of Feb. 9. According to a Tweet from the project’s official Twitter account, the new initiative, which is branded “Open Exchange (OPNX), claims to be “the world’s first open marketplace for Crypto Claims trading and derivatives.
In a Feb. 9 Twitter thread that reposted the announcement, 3AC founder Zhu Su stated the project was conceived out of a Craving to atone and recover from past Mistakes, as he Explained:
“June/july was total haziness for me, kyle, and our creditors, as our bet on accelerating crypto adoption proved fatally off-base, as my bet on June/july became total haziness for me, kyle, and our creditors.”
We were Squashed by the collapse of the Market and the way our misplaced conviction had contributed to the aggravation. It was a dim period and we were flawed by they way we dealt with the fallout, however we were determined to do all we could [to] build something that takes all the aggravation/lessons and uses it to progress Crypto”
Zhu Su claimed that the new exchange will provide “Realtime public Cryptographic Audits” that will guarantee “all user funds are provably untouched.” It will start as a claims trading service, yet will later grow to include FX, stocks, and “innovative products” on its platform. This will provide “the best of Cefi and Defi combined,” According to the 3AC founder.
3AC had suffered losses from the Terra Luna network two months sooner. On Jan. 16, The proposal for lending platform CoinFLEX and 3AC to create a new exchange was leaked to general society as a powerpoint on Jan. 16. At the time, the exchange was referred to as “GTX.” The break caused a public outcry among some CoinFLEX creditors, who protested the company associating with the failed 3AC hedge fund. However, CoinFLEX attempted to relieve these fears, claiming in a blog entry that the new exchange would be useful for the two customers and CoinFLEX creditors.
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