OPNX, an exchange co-founded by members of the Three Arrows Capital (3AC) and Coinflex teams, has revealed the venture capital firms purported to be backing it. In a video posted by the company on April 21, its CEO, Leslie Lamb, gave Thanks to some of the project’s major backers, including AppWorks, Susquehanna (SIG), DRW, MIAX Group, China Merchant Bank International, and Token Bay Capital.
1/ As we approach the launch of claims for our first estate, Celsius, we’d like to express gratitude to everyone who believed in our mission of helping 20M+ claimants.
A special thank you goes to our major investors, including AppWorks, Susquehanna (SIG), DRW, MIAX Group, China pic.twitter.com/G406Y7Ponz
— OPNX (@OPNX_Official) April 21, 2023
OPNX has been heavily criticized in the cryptocurrency community for its association with Su Zhu and Kyle Davies, founders of the failed hedge fund 3AC. Some companies have claimed that they could refusing to partner with anyone who helps fund the new exchange. But the company behind the project has defended itself, arguing that it will help customers of failing companies get their money back.
OPNX will allow traders to buy and sell credits against failing companies like 3AC and FTX, according to early fundraising documents.
According to the video uploaded on April 21, OPNX backers have previously funded various technology and financial projects. Susquehanna (SIG) was an early backer of TikTok, and MIAX Group owns a regulated stock and options exchange in the United States. AppWorks is also listed on Cunchbase as a part owner of Uber.
At least one of the companies mentioned in the video has denied funding the project. The Nascent company has stated that it purchased Coinflex tokens issued by the previous incarnation of the company, but did not participate in the OPNX funding round.
Just to clarify, Nascent did not participate in an OPNX fundraising round, we invested in FLEX tokens in early 2021.
— Nascent (@nascentxyz) April 21, 2023
Three Arrows Capital was a cryptocurrency hedge fund founded in 2012. In June, he received a default notice from Voyager Digital after allegedly failing to repay 15,250 Bitcoin (BTC) and 350 million USD Coin (USDC) that had been lent to him. The hedge fund filed for bankruptcy on July 1, and some creditors have accused the founders of being “on the lam” or hiding from bankruptcy court.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
- A Subway-themed bot makes millions with “sandwich” attacks
- The advertised orange spheres of A16z are revealed as a client rollup L2
- Citi suggests that by 2030, the number of tokenized assets could reach an exorbitant level due to the advancement of an application that can be very effective.
- More than 100 venture capital investors express their solidarity with Silicon Valley Bank
- Sequoia Capital and Paradigm among VCs facing “sensitive” demand from FTX investors
- Digital Currency Group companies lay off more than 500 employees as contagion spreads
- Price Analysis April 21: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.