OPNX, a cryptocurrency exchange, has recently announced a partnership with 3AC Ventures. The announcement of the partnership was met with criticism from the crypto community. The purpose of the partnership is to expand the OPNX ecosystem. However, no further details were given about the expansion plans.
Partnership Details
The co-founders of OPNX are Kyle Davies and Su Zhu of Three Arrows Capital (3AC), along with CoinFLEX CEO Mark Lamb. The partnership between OPNX and 3AC Ventures will invest in projects building in the OPNX ecosystem and working towards a decentralized future.
Background
CoinFLEX gained court approval for a restructuring deal in March after the alleged non-payment of an $84 million margin call debt at the hands of Roger Ver. This involved rebranding the company to OPNX. Similarly, 3AC filed for bankruptcy in July 2022, with court filings showing $3.5 billion owed to creditors. The hedge fund’s downfall came from high-risk trading strategies, resulting in unpayable margin calls following the Terra ecosystem implosion. The incident set off a domino effect impacting the rest of the industry through liquidity drain.
Claims Product
OPNX was launched on April 4 and offers spot and futures crypto trading. Its flagship product, “Claims,” tokenizes bankruptcy claims. The product opened for business on June 2, accepting Celsius claims initially, with plans to roll out FTX claims next.
The company’s links with CoinFLEX and 3AC have led to criticism from the crypto community. Many have used offensive memes to express their displeasure with the partnership. Despite the negative response, OPNX maintains that its Claims product is a way to right the wrongs of last year.
OPNX’s partnership with 3AC Ventures is aimed at expanding the OPNX ecosystem. However, the announcement of the partnership was met with criticism from the crypto community. The company’s Claims product tokenizes bankruptcy claims and aims to right the wrongs of last year. Despite the negative response, OPNX remains committed to its mission.