Business In News
- The latest crypto venture of Su Zhu and Kyle Davies, dubbed OPNX, opened its doors to customers on Tuesday.
- Former executives from now-bankruptcy digital asset companies CoinFLEX and Three Arrows Capital form the ranks of the new crypto exchange.
- Failed crypto exchange CoinFLEX rebranded to OPNX after a court approved its restructuring plan, albeit without any mention of a name change.
Top-ranking executives from failed crypto companies banded together to dish out a new crypto exchange in the wake of FTX’s collapse.
Rebranded crypto exchange OPNX went live on Tuesday, opening its order books to customers with the hopes of capturing a crypto claims market with over 20 million claimants. The crypto exchange announced its trading venue website OPNX dot com after raising funding and announcing its controversial business plan.
A token giveaway of the platform’s FLEX token was announced for community members and eligible waitlisted users, the platform said in a note styling the giveaway “as a token of our appreciation”.
The crypto exchange said FLEX will serve as the exchange token for the platform, similar to BNB on Binance. FLEX’s supply is capped at 100 million and 20% of the revenue generated from fees will fund token burns. The token is also tradable on perp dex MEXC.
FLEX’s $256 million market cap boasts a modest daily trading volume of less than $1 million, CoinMarketCap data shows.
Out CoinFLEX, Enter OPNX
The crypto community was introduced Su Zhu’s and Kyle Davies’ new crypto exchange after an investors pitch deck was leaked in early 2023. Initially, the platform was named GTX, eerily reminiscent of bankruptcy crypto FTX, and the founders moved to raise $25 million in funding.
Founders of failed crypto hedge fund Three Arrows Capital, and CoinFLEX CEO Mark Lamb form the higher ranks of the new crypto venture. In March, a Seychelles court approved a restructuring plan for the bankruptcy CoinFLEX trading venue, albeit without any mention of a name change.
CoinFLEX rebranded to OPNX after securing court approval in Seychelles.