Three Arrows Capital Founders Shake Up The Crypto Industry With New Crypto Exchange After CoinFLEX Asset Acquisition – Here’s What You Need To Know

Su Zhu and Kyle Davies, the two founders of bankrupt crypto hedge fund Three Arrows Capital (3AC), have completed a funding round for their new exchange OPNX and will acquire the remaining assets of struggling exchange CoinFLEX.

News that fundraising for the new exchange has ended was shared in a Twitter thread by popular community member and DeFi researcher Ignas, who said Kyle Davies reached out to him and confirmed the news.

The exchange reportedly raised $25 million, but Kyle Davies reportedly refused to say who the investors are.

In his Twitter feed, Ignas also confirmed that OPNX – or Open Exchange – will acquire all of CoinFLEX’s assets, and that this includes “people, technology and tokens”. He added that FLEX will be the new exchange’s own token.

According to Ignas, FLEX will be used to pay fees on the platform the same way BNB is used to pay fees on Binance, and 20% of the revenue generated will be used to purchase and burn FLEX tokens.

The acquisition of CoinFLEX by OPNX is part of the former’s restructuring plan, which was approved by a Seychelles court on Monday this week, according to a CoinFLEX blog post.

Bankruptcy Marketplace

OPNX is a marketplace for trading the bankruptcy claims of other crypto companies. The market officially opened its waiting list for users who want to put their receivables up for sale in February, with Su Zhu calling it the world’s leading marketplace for trading cryptocurrency.

“We have spoken to creditors about several plans. And everyone we spoke to thought this one was the wisest way to use our existing resources, all painful lessons and wanted to contribute to crypto,” Su Zhu said of the project in a Twitter thread. at the time.

News that the founders of 3AC were launching their own exchange first broke in January of this year. At the time, Su Zhu confirmed that they were indeed working on such a platform without giving details of the plans.

The exchange was initially called GTX, which would have been chosen simply because “G” comes after “F”, making the name play on the now-bankrupt FTX exchange. It was later renamed Open Exchange, or OPNX for short.