The creators of bankrupt crypto-hedge-fund Three Arrows Capital (TAS) have teamed up with the co-founders of cryptocurrency exchange Coinflex to create a public marketplace for trading cryptocurrencies and derivatives.
Kyle Davies and Soo Joo of Three Arrows Capital have announced the launch of a digital asset exchange - Open Exchange (OPNX). Working in tandem with Coinflex CEO Mark Lamb, the platform will allow customers to transact assets from bankrupt cryptocurrency companies such as FTX, Voyager Digital, Celsius Network, subsidiaries of CoinDesk Genesis, BlockFi, Mt.Gox and 3AC itself. Open Exchange promises the possibility of monetising claims by providing a market for trading them.
Su Zhu said the value of crypto debt was projected to be at least $20 billion, and OPNX intends to offer people to exchange the debt or use it as margin. OPNX has developed a unique tokenisation methodology with $FLEX as the main token. A waiting list initiated by OPNX is now open and the company will accept the first customers to participate in the upcoming beta test.
In early February, TAC liquidators Russell Crumpler and Christopher Farmer said the founders of the defunct digital currency hedge-fund were ignoring court orders and deliberately avoiding contact by hiding their location.