Three Arrows Capital (3AC) founders launched the claims marketplace, Open exchange and said it “will start as the world’s first public marketplace for crypto claims trading and derivatives”. The aim according to the founder’s manifesto, Zhu Su and Kyle Davies is to build a financial space that is bigger, open, and transparent, “then become the world’s most radically transparent CEX”.
The team has opened a wait-list for the exchange, accessible from its official website, and revealed that the UI/UX beta testing would launch soon.
In an earlier report, the two founders disclosed plans of raising $25 million to start a crypto exchange, GTX through a pitch deck. The exchange according to the report will be launched in Q1 2023 with a $20 billion market worth of claims. The founders have now launched Open Exchange, for unlocking trapped claims.
The team said that the aftermath of the FTX collapse pushed them to pick up “all the hard lessons” and advance the space. Also, they arrived at the point of the decision after months of speaking to creditors “to make things right.”
Agreeing to be “crushed by the collapse of the market,” losses from creditors in the wake of the collapse, uncertain funds recovery, and a long list of claimants from FTX, Voyager, Celsius, Genesis, BlockFi, Mt Gox, and many, the Open Exchange team proposed being the solution for entities affected by crises. The teams highlighted that a public marketplace for claims trading and unlocking trapped funds is what is needed.
The first steps in operation will be providing claims onboarding/trading, enabling investors to access their trapped capital. However, according to Zhu Su, Open Exchange co-founder, the platform will expand into stock trading and FX.
Leaning on experience and know-how, the Open Exchange team said it will provide a platform where claim holders can access their assets. “We will harness our decades of expertise, hard-learned mistakes, and experience navigating the pain of insolvencies, restructuring, and defaults to allow 20M+ claim holders access to their assets as quickly as possible,” the team said.
Key features of the exchange will include real-time public cryptographic audits via a zero-knowledge-proof network, and “world-class” UI. OPNX features universal margin account architecture. “Everything about user funds will be completely auditable, transparent, and provably untouched,” the team said.
Open Exchange teamed with CoinFlex and will be powered by the CoinFlex token $FLEX. FLEX tokenomics will remain unchanged at a 100 million capped supply and 20% revenue burn model.
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