OPNX, soon to be launched by Kyle Davies and Sun “Zhupercycle” Zhu, is an exchange that aims to provide a solution for those affected by crypto bankruptcies such as FTX, Voyager, Genesis, and 3AC (the fund of Kyle and Zhu), among others. The exchange was previously known as GTX but rebranded after backlash from the community. In this article we take a look at what it has to to offer…
At the heart of OPNX’s vision is the recognition that a staggering $20B of claims are trapped in crypto bankruptcies, and the majority of those affected have yet to register their claims due to the complexity and stress of the situation. Settlements could take years and may not be paid out, leading many to lose hope of ever recovering their losses.
OPNX aims to address this issue by providing a public marketplace for trading claims and crypto, making it easy for individuals and organizations to register their claims and sell them directly into crypto on orderbooks or use them as portfolio margin.This could unlock billions of dollars of trapped capital and give those affected by crypto crises a way to rebuild and take control of their financial future (a.k.a. make it back in one trade).
What products will Open Exchange offer?
Open Exchange is the world’s first exchange for trading bankruptcy claims and crypto all on one platform. In addition to trading claims, users will have access to crypto spot and futures trading. Users can also use their claims as collateral to trade crypto futures markets.
What claims will be available for trading on Open Exchange?
Soon after launch, claim holders will be able to sell or trade with claims including, but not limited to: BlockFi, Celsius, FTX, Genesis, Mt. Gox, Voyager, 3AC (Three Arrows Capital).
Despite their disappearance online and offline following the Terra Luna collapse and the downfall of 3AC, the founders of the fund have not been welcome by many. But the fact that they have managed to raise an impressive $25 million from undisclosed investors, proves they still find support in the crypto community. It will be interesting to see what the reaction of market will be in the future.
Opportunity or Risk?
The launch of OPNX has sparked a debate on whether it presents an opportunity or a risk. Despite the skepticism and fear, it’s worth noting that the founders were able to raise $25M from undisclosed investors. Many experts and smart investors are optimistic about the potential of this solution, which could be the only hope for claimants who have no alternative.
How to log into OPNX?
To stay up-to-date on the latest developments of the OPNX exchange, it’s recommended to join the waitlist. By doing so, you’ll have priority access to the Open Exchange launch and be among the first to gain acces.