The collapsed hedge fund Three Arrows Capital (3AC) founders Su Zhu and Kyle Davies have announced the launch of a new crypto project called Open Exchange, or OPNX. The exchange, which launched on April 4th, aims to help the industry following the collapse of platforms like FTX and Celsius.
The launch announcement was made by OPNX’s CEO Leslie Lamb, who said that the exchange is open for trading spot and futures immediately. The platform is also planning to launch claims trading, which will allow claimants to be made whole again.
“Claims trading will be the next thing that we launch, so that these claimants can have an opportunity to be made whole again,” said Lamb.
Open Exchange is a joint venture between the 3AC co-founders and higher-ups from the crypto investment platform Coinflex. Coinflex is currently undergoing a restructuring plan approved in Seychelles. Following the collapse of 3AC, Coinflex CEO Mark Lamb and co-founder Sudhu Arumugam announced that they would be working with Zhu and Davies to build a new platform, which was initially pitched as “GTX” before being renamed to OPNX.
The launch of Open Exchange comes after Three Arrows Capital, the once crypto-friendly hedge fund that held $10 billion worth of assets, went bust amid the 2022 market crash. Authorities in the United States have issued a subpoena to Davies via Twitter regarding his alleged role in 3AC’s collapse.
At the time of publication, the whereabouts of both Davies and Zhu are unknown. However, both 3AC co-founders have continued to be active on social media channels.
The launch of Open Exchange is a significant development in the crypto industry, as it provides an opportunity for traders and investors to access a new platform. The addition of claims trading is also a positive development, as it will allow claimants to potentially recover some of their losses from the collapse of 3AC.