Su Zhu and Kyle Davies, the founders of the defunct cryptocurrency hedge fund Three Arrows Capital (3AC), have come back to the arena and joined hands with the founders of the bankrupt cryptocurrency exchange CoinFlex to jointly launch a debt trading platform called “Open Exchange (OPNX) “ . It is billed as “the world’s first open market for cryptocurrency debt transactions and derivatives.”
According to reports, Open Exchange will allow users to trade “tokenized claims” of bankrupt cryptocurrency companies such as FTX, Voyager Digital, Celsius, Genesis, BlocFi, Mt. GOX and Three Arrows Capital on the platform, targeting a scale of up to $20 billion cryptocurrency debt market.
Further reading Su Zhu, founder of Three Arrows Capital, makes a comeback! To launch a new platform to buy and sell FTX debt
Su Zhu announced the news on Twitter in the early hours of this (10th) day , he pointed out, “ Last June and July were the darkest hours for us, as our bet on accelerating the adoption of cryptocurrency technology proved to be fatal. Wrong, we were crushed by the market crash.”
Su Zhu continued that after experiencing the FTX bankruptcy incident, he found that there was a lack of high-quality user trading interfaces in the market, so he hoped to establish a public market that can trade cryptocurrency claims and derivatives, and a fully transparent exchange.
Regarding the product layout of Open Exchange, Su Zhu said that the exchange will initially focus on debt trading and derivatives markets, and then intends to establish fully decentralized custody and clearing services in the next few months, and will also introduce stocks, Forex and other innovative products.
Waitlists for Open Exchange are currently open. Su Zhu also confirmed that CoinFLEX’s platform token FLEX will be used as the main token of the new exchange.