Crypto community voices skepticism over OPNX x 3AC Ventures partnership Crypto community voices skepticism over OPNX x 3AC Ventures partnership
OPNX will partner with 3AC Ventures to develop the OPNX ecosystem, including moving towards decentralization.
2 min read
Updated: Jun. 21, 2023 at 5:44 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
OPNX has announced a partnership with 3AC Ventures – a move that did not go down well with the crypto community.
A June 21 tweet detailed the purpose of the partnership is to develop the OPNX ecosystem, suggesting plans to expand beyond its current capacity – no further details were given.
“The partnership will invest in projects building in the OPNX ecosystem and working towards a decentralized future.”
The co-founders of the OPNX exchange are Kyle Davies and Su Zhu of Three Arrows Capital (3AC) and CoinFLEX CEO Mark Lamb.
Following the alleged non-payment of an $84 million margin call debt at the hands of Roger Ver, CoinFLEX gained court approval for a restructuring deal in March – this involved rebranding the company to OPNX.
Similarly, 3AC filed for bankruptcy in July 2022, with court filings showing $3.5 billion owed to creditors. The hedge fund’s downfall came from high-risk trading strategies, resulting in unpayable margin calls following the Terra ecosystem implosion. The incident set off a domino effect impacting the rest of the industry through liquidity drain.
OPNX was launched on April 4. It offers spot and futures crypto trading, while its flagship “Claims” product, which tokenizes bankruptcy claims, opened for business on June 2, accepting Celsius claims initially- with plans to roll out FTX claims next.
Given the company’s links with CoinFLEX and 3AC, replies to the 3AC Ventures partnership were largely critical, including offensive memes. @Rager commented, “clown szn.” While @LilMoonLambo wrote, “Holy sh*t this is a real tweet.”
The story has been much the same since the company first announced its arrival – but OPNX maintains that its Claims product is a way to right the wrongs of last year.
“Open Exchange is a solution and home for those harmed by crypto crises, allowing claimants to immediately unleash their locked claims directly into crypto or use them as margin capital.”
Currently, 3AC Ventures’ website is a holding page featuring an email contact link and the text “3AC Ventures is focused on superior risk-adjusted returns without leverage.”
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Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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OPNX
OPNX (Open Exchange) is a new public marketplace for crypto claims trading and derivatives.
Three Arrows Capital
Three Arrows Capital (3AC), a Singapore-based crypto hedge fund, collapsed due to poor risk management, recklessness in dealing with business partners and a significant portion of greed.
