A newly-created crypto exchange is tokenizing the debt of bankrupt crypto companies and allowing users to trade them. However, the unique approach isn’t swaying traders in the current crypto atmosphere.
OPNX, created by Zhu Su and Kyle Davies— the infamous pair behind now-bankrupt hedge fund Three Arrows Capital, and the co-founders of CoinFLEX— is a one-of-a-kind platform that supposedly allows users to buy and trade crypto-related bankruptcy claims, including those of FTX and CoinFLEX. In addition, OPNX also offers futures and spot trading of traditional digital tokens such as bitcoin, ether, USDC, and DOGE, CEO Leslie Lamb explained in a tweet earlier this week.
The platform’s native token will be the FLEX token, granting customers a 50% discount on trading fees if they hold the coin, in an effort to boost its value. However, the exchange hasn’t fared too well since going live, with trading volume totalling a paltry $13.64, and the FLEX token plummeting over 10% to trade at around $1.78, as per CoinGecko.
Information for this briefing was found via CoinDesk, CoinGecko, and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.