Su Zhu’s Debt Exchange Platform OPNX Officially Launches
The OPNX Exchange, which provides debt trading services for FTX, has officially launched on April 4th. The exchange is led by Three Arrows Capital (3AC) and CoinFLEX, and is designed for users and creditors of bankrupt companies, including FTX, CoinFLEX, Celsius, BlockFi, and Mt.Gox.
Users can hold their debt until maturity or sell it for cryptocurrencies, or use it for leverage trading. Additionally, the exchange prohibits employees of the bankrupt companies from participating.
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Claims trading for Celsius, FTX & other estates coming next—giving over 20 million claimants a way to become whole pic.twitter.com/WgWQIlWzpU
— OPNX 💪 (@OPNX_Official) April 4, 2023
On Twitter, the OPNX team announced the official launch of the exchange on April 4th. Users can also receive a 50% discount on trading fees if they hold the FLEX token, which is used as the token for the OPNX platform. The FLEX token will be burned periodically to reduce circulation supply, which may improve its value for FLEX owners in the future if demand and interest in OPNX increase.
The debt market that OPNX operates in is valued at $20 billion. In addition, OPNX also provides spot and derivative trading for BTC, ETH, DOGE, and USDC. According to Leslie Lamb, the CEO of the exchange, debt trading is expected to launch in the coming weeks. Prior to this, on January 16th, Su Zhu and Kyle Davies, two founders of the 3AC hedge fund, declared bankruptcy, and Mark Lamb, co-founder of CoinFLEX, teamed up to build the Open Exchange.
Furthermore, after CoinFLEX filed for bankruptcy and planned to restructure in August 2022, the restructuring plan was approved by the court. Su Zhu’s OPNX exchange has since acquired all of CoinFLEX’s assets and FLEX tokens. This move is expected to benefit the cryptocurrency market, as it offers a new platform for trading bankrupt companies’ debt and may attract more users to the world of cryptocurrency trading.
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