A cryptocurrency exchange project initially proposed by 3AC and Coinflex has now launched an official website and waiting list as of February 9. Called the “Open Exchange (OPNX),” the new project claims it will be “the world’s first public marketplace for trading cryptocurrencies and derivatives,” according to a tweet from the project’s official Twitter account.
1/ Introducing Open Exchange.
Open Exchange will start as the world’s first public marketplace for crypto claims trading and derivatives.
Then become the world’s most radically transparent CEX.
The claims waitlist is now open @ https://t.co/Q2HsUqSZ7E
— OPNX Official (@OPNX_Official) February 9, 2023
In a February 9 Twitter thread reposting the ad, 3AC founder Zhu Su, affirmed that the project was born from the desire to atone for and recover from the mistakes of the past, as he explained:
“June/July was pitch black for me, Kyle and our creditors after our bid to accelerate cryptocurrency adoption turned fatally wrong. We were devastated by the market crash and how our misguided conviction had contributed to the pain It was a dark period and we weren’t perfect in how we handled the consequences, but we were determined to do everything we could [para] build something that would take all the pain and lessons and use them to move the cryptocurrency space forward.”
Zhu Su claimed that the new exchange will provide “real-time public crypto audits” that will ensure that “all user funds are demonstrably intact.” It will start out as a claims trading service, but will later expand to include FX, stocks, and “innovative products” on its platform. This will provide “the best of cefi and defi combined,” according to the 3AC founder.
Cryptocurrency hedge fund 3AC went bankrupt in July, shortly after suffering losses from the Terra Luna network collapse two months earlier.
On January 16, the CoinFLEX and 3AC lending platform’s proposal to create a new exchange was leaked to the public in the form of a powerpoint on January 16. At the time, the exchange was referred to as “GTX.” The leak sparked a public outcry among some CoinFLEX creditors, who were opposed to the company partnering with failed hedge fund 3AC. However, CoinFLEX attempted to allay these fears, stating in a post that the new exchange would be beneficial to both CoinFLEX customers and creditors.
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