After the spectacular collapse of Three Arrows Capital (3AC), its founders, Su Zhu and Kyle Davies’ new crypto venture, OPNX, officially went live.
Su Zhu and Kyle Davies’ new cryptocurrency exchange OPNX is trading and open for business. OPNX announced on Twitter today the platform’s launch and a giveaway of its native token FLEX as a “token of our appreciation.”
We are thrilled to announce that https://t.co/Q2HsUqSZ7E is now live! Sign up to trade spot and futures immediately. Claims trading coming very soonA message from our CEO Leslie: pic.twitter.com/VVVX00AzHf— OPNX 💪 (@OPNX_Official) April 4, 2023
The firm said:
Many of you may know that FLEX will power OPNX as the native ecosystem token. As a token of our appreciation, we have included eligible waitlisted users in our FLEX coin giveaway (i.e. no action is needed from your side).
The idea for a new exchange was initially pitched by Zhu and Davies in January. CoinFlex co-founder Mark Lamb and Sudhu Arumugam joined the duo. The exchange came to be after OPNX raised $25 million from investors.
OPNX eventually came to fruition after Davies and Zhu joined Mark Lamb to launch the venture through a rebranding of CoinFlex. A court in Seychelles approved the firm’s restructuring in March, and CoinFlex rebranded to OPNX.
3AC was one of the crypto companies most severely affected in the 2022 crypto winter. The exchange’s founders admitted that the crisis and collapse of the Terra ecosystem, along with Bitcoin’s price drop below $20,000, eventually led to the demise of the hedge fund. Both Davies and Zhu have been blamed for the massive investor losses.
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