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The OPNX crypto exchange will allow trading of bankruptcy claims and adopts CoinFlex’s native crypto FLEX.
Almost a year after crypto hedge fund Three Arrows Capital (3AC) filed for Chapter 11 bankruptcy, its founders launched a new crypto exchange OPNX. Su Zhu and Kyle Davies made the announcement on Tuesday, April 4, that the OPNX exchange is now available for business.
OPNX Crypto Exchange
Short for Open Exchange, OPNX is a first-of-its-kind crypto exchange that will allow users to trade claims of a bankrupt crypto company. Thus, it will allow trading in the $20 billion market for crypto-related bankruptcy claims. OPNX said that it will offer to trade claims of companies such as CoinFLEX and crypto exchange FTX.
In the last month of March, the FTX claims were trading at 20 cents to the dollar. As per OPNX CEO Leslie Lamb, the claims trading shall go live in the coming weeks on the exchange. In addition to the claims trading, crypto exchange OPNX is also offering spot and futures trading for some of the major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and USD Coin (USDC).
The OPNX crypto exchange came into existence as 3AC founders joined hands with Coinflex CEO Mark Lamb. Last month in March, the courts in Seychelles approved the firm’s restructuring plans by rebranding Coinflex to OPNX.
However, as per the memo sent on Tuesday, April 4, OPNX will not be available in certain jurisdictions such as the US, Canada, and some African countries.
OPNX’s Native Token FLEX
As part of the restructuring in CoinFLEX, its native token FLEX will also serve as the native token of the OPNX platform. Holders of the FLEX token will get a 50% discount on the trading fees as the token will be periodically burnt or permanently taken out of circulation.
Thus, if the demand for the OPNX exchange boosts in the future, it will boost the value held by FLEX holders as the supply gradually decreases.
In an announcement to its community members on Tuesday, crypto exchange OPNX said that it will conduct a giveaway of the native token FLEX as a “token of appreciation”. The announcement reads:
“Many of you may know that FLEX will power OPNX as the native ecosystem token. As a token of our appreciation, we have included eligible waitlisted users in our FLEX coin giveaway (i.e no action is needed from your side).”
The FLEX crypto is currently having a market cap of $256 million but remains thingly-traded with just daily trading volumes up to $796,000.