Open Exchange Offers Platform For Trading Bankruptcy Claims | UseTheBitcoin

The platform aims to enable the monetization of claims, attracting individuals interested in trading bankruptcy claims from FTX, BlockFi, and more. It was created by the founders of the failed crypto hedge fund Three Arrows Capital (3AC) and the co-founders of CoinFlex, a cryptocurrency exchange.

Open Exchange Offers Platform For Trading Bankruptcy Claims

The founders of the defunct crypto hedge fund Three Arrows Capital, Zhu Su and Kyle Davies, have joined forces with the co-founders of CoinFlex, a cryptocurrency exchange. Together, they have established Open Exchange, which they describe as the world’s first marketplace for trading claims and derivatives in the crypto world.

Open Exchange has committed to enabling the monetization of claims by establishing a platform for their trading activities. It is aimed at individuals interested in trading bankruptcy claims, such as those from FTX or Blockfi. However, it is stated on the homepage that residents of 23 specific regions are not permitted to register on the site.

Open Exchange has restricted access to its platform for residents of several countries, including sanctioned nations such as North Korea, Cuba, and Venezuela. Interestingly, the United States is also included in this list of restricted regions, even though some of the largest crypto-related bankruptcies, such as those of Genesis, BlockFi, Celsius, and Voyager Digital, are happening within companies based in the US.

Sponsored

 Open Exchange Revives Hope For Trapped Creditor Claims

The Singapore-based hedge fund, Three Arrows Capital, with an initial value of $10 billion, experienced a downfall and ultimately filed for bankruptcy in July. The British Virgin Islands court ordered the fund, also referred to as 3AC, to undergo liquidation due to a significant decrease in prices and high-risk investments that resulted in the inability to repay its creditors.

The plans for a new exchange by CoinFLEX and Three Arrows Capital were made public on January 16th, when a PowerPoint presentation containing the proposal was leaked. At that time, the exchange was referred to as “GTX.”

Zhu announced the creation of the new exchange on Twitter, stating that the idea for Open Exchange (OPNX) was sparked by discussions with Mark Lamb, co-founder and CEO of CoinFLEX, about trapped creditor claims from companies such as FTX, Voyager, and Celsius. Zhu wrote that the idea “clicked” for both of them simultaneously.

The post Open Exchange Offers Platform For Trading Bankruptcy Claims | UseTheBitcoin appeared first on BitcoinLinux.