Su Zhu unveils new OPNX exchange for trading trapped crypto funds

Quick Take

  • Su Zhu said Thursday that a waitlist is now open at a new marketplace for claims trading and derivatives called OPNX.
  • The platform will use the FLEX token.

Su Zhu, a co-founder of the collapsed crypto hedge fund Three Arrows Capital, said Thursday that a waitlist is now open at a new marketplace called OPNX for trading claims and derivatives related to funds stuck on failed exchanges.

"Our vision is unlocking trapped claims, radical transparency," he wrote in a lengthy thread on Twitter, adding that the platform would build out fully decentralized custody and clearing services in the coming months before expanding into stocks, FX and other products. "We spoke to creditors about several plans. and everyone we talked with thought this one was the wisest way to use our existing resources."

Zhu said the platform had resulted from talks he held with Mark Lamb, the co-founder and CEO of Coinflex, which The Block first reported last month was looking to raise funds for the new exchange.

The platform will use the FLEX token, Zhu said. The price of the coin surged 18.7%, according to CoinGecko.

OPNX presently welcomes users to join a waitlist under a banner that reads "Do you have money stuck on a crypto platform?" A manifesto posted on the site says that a $20 billion market of claimants involving FTX, Voyager, Celsius, Genesis, BlockFi, Mt Gox, among others, is "desperately looking for a solution."

(Updates with FLEX price movement in fourth paragraph.)

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