{"id":615891,"date":"2023-03-09T07:49:16","date_gmt":"2023-03-09T13:49:16","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/03\/09\/three-arrows-capital-founders-shake-up-crypto-industry-with-new-crypto-exchange-after-acquiring-coinflex-assets-heres-what-you-need-to-know\/"},"modified":"2023-03-09T07:49:16","modified_gmt":"2023-03-09T13:49:16","slug":"three-arrows-capital-founders-shake-up-crypto-industry-with-new-crypto-exchange-after-acquiring-coinflex-assets-heres-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/03\/09\/three-arrows-capital-founders-shake-up-crypto-industry-with-new-crypto-exchange-after-acquiring-coinflex-assets-heres-what-you-need-to-know\/","title":{"rendered":"Three Arrows Capital Founders Shake Up Crypto Industry with New Crypto Exchange After Acquiring CoinFLEX Assets \u2013 Here’s What You Need to Know"},"content":{"rendered":"
\n
3AC co-founder Su Zhu. Source: Bloomberg<\/figcaption><\/figure>\n

Su Zhu and Kyle Davies, the two founders of the bankrupt crypto hedge fund Three Arrows Capital (3AC), have completed a funding round for their new OPNX exchange and will acquire the remaining assets of the troubled exchange CoinFLEX<\/a>.<\/p>\n

The news that fundraising for the new exchange has been completed was shared in a Twitter thread by a popular community member and DeFi researcher Ignas, who said Kyle Davies had reached out to him and confirmed the news.<\/p>\n

The exchange is said to have raised $25m, but Kyle Davies reportedly declined to say who the investors are.<\/p>\n

In his Twitter thread, Ignas also confirmed that OPNX \u2013 or Open Exchange \u2013 will acquire all of CoinFLEX\u2019s assets, and that this includes \u201cpeople, tech, and tokens.\u201d He added that FLEX would be the new exchange\u2019s own token.<\/p>\n

According to Ignas, FLEX will be used to pay fees on the platform, similar to how BNB<\/a> is used to pay fees on Binance<\/a>, and 20% of the revenue generated will be used to buy and burn FLEX tokens.<\/p>\n

<\/oembed><\/figure>\n

The acquisition of CoinFLEX by OPNX is part of the former\u2019s restructuring plan, which was approved by a court in Seychelles on Monday this week, according to a blog post<\/a> from CoinFLEX.<\/p>\n

Marketplace for bankruptcy claims<\/h2>\n

OPNX is a marketplace for trading in bankruptcy claims from other crypto companies. The marketplace officially opened its waitlist for users<\/a> who want to put their claims up for sale back in February, with Su Zhu then calling it the world\u2019s first marketplace for crypto claims trading.<\/p>\n

\u201cWe spoke to creditors about several plans. And everyone we talked with thought this one was the wisest way to use our existing resources, all the painful lessons, and wish contribute to crypto,\u201d Su Zhu said about the project in a Twitter thread at the time.<\/p>\n

<\/oembed><\/figure>\n

News that the 3AC founders were starting their own exchange<\/a> first broke in January this year. At the time, Su Zhu confirmed that they were indeed working on such a platform without elaborating on the plans.<\/p>\n

The exchange was initially named GTX, which reportedly was chosen simply because \u201cG\u201d comes after \u201cF,\u201d making the name a play on the now-bankrupt exchange FTX. It was later rebranded to Open Exchange, or OPNX for short.<\/p>\n<\/p><\/div>\n

Read More<\/a>
\n Rebecka Mischke<\/p>\n","protected":false},"excerpt":{"rendered":"

3AC co-founder Su Zhu. Source: BloombergSu Zhu and Kyle Davies, the two founders of the bankrupt crypto hedge fund Three Arrows Capital (3AC), have completed a funding round for their new OPNX exchange and will acquire the remaining assets of the troubled exchange CoinFLEX.The news that fundraising for the new exchange has been completed was<\/p>\n","protected":false},"author":1,"featured_media":615892,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22791,1862],"tags":[],"class_list":{"0":"post-615891","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto","8":"category-three"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/615891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=615891"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/615891\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/615892"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=615891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=615891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=615891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}