3AC and CoinFLEX launch website, waitlist for crypto claims exchange

The crypto exchange project, originally proposed by 3AC and Coinflex, has now launched an official website and waiting list from February 9th. The new project, called “Open Exchange (OPNX)”, claims that it will be “the world’s first public marketplace for crypto orders.” trading and derivatives,” reads a tweet from the project’s official Twitter account.

In the February 9 Twitter thread that posted the announcement, 3AC founder Zhu Su declared the project was born out of a desire to redeem and recover from past mistakes, as he explained:

“June/July was a total blackout for me, Kyle, and our creditors after our bet on accelerating crypto adoption proved fatally wrong. We were crushed by the market crash and how our misplaced beliefs added to the pain. It was a dark period and we weren’t perfect in how we dealt with the aftermath, but we were determined to do the best we could. [to] create something that will take all the pain and lessons and use them to promote cryptocurrency.”

Zhu Su stated that the new exchange will conduct “real-time public crypto audits” which will ensure “provable integrity of all user funds.” It will start as a claims trading service but will later expand to include FX, stocks and “innovative products” on its platform. According to the founder of 3AC, this will provide “the best combination of cefi and defi”.

Bankruptcy lawyers say 3AC co-founder Kyle Davis is ignoring his responsibilities

Cryptocurrency hedge fund 3AC went bankrupt in July, shortly after suffering losses two months earlier due to the collapse of the Terra Luna network.

On January 16, the proposal of the CoinFLEX and 3AC lending platform to create a new exchange went public in the form of a presentation on January 16. At that time, the exchange was called “GTX”. The leak caused a public uproar among some of CoinFLEX’s creditors, who objected to the company’s association with bankrupt hedge fund 3AC. However, CoinFLEX has attempted to allay these concerns by stating on its blog that the new exchange will benefit both CoinFLEX customers and lenders.

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