The founders of bankrupt crypto hedge fund Three Arrows Capital (3AC) have launched a new firm titled 3AC Ventures. The firm aims to invest in cryptocurrency projects with a strong focus on “superior risk-adjusted returns without leverage.”
Just months after the collapse of 3AC, founders Kyle Davis and Su Zhu shortly announced the start of their new crypto platform, OPNX, a marketplace for crypto claims trading and derivatives, which caused a stir among the crypto community.
Yesterday, OPNX took to Twitter to inform users of its new partnership with the 3AC founders to develop the OPNX ecosystem.
“We are excited to announce OPNX's ecosystem partner — 3AC Ventures. The partnership will invest in projects building in the OPNX ecosystem and working towards a decentralized future,” read the tweet.
The decision to launch a second venture capital firm sporting a nearly identical name to the bankrupt hedge fund caused an uproar among crypto Twitter.
Many users across social media reacted to the tweet disapprovingly with a series of negative responses, mocking memes and unimpressed replies.
Despite David and Zhu running their first venture (3AC) into the ground, some users have given the duo a second chance.
However, others still remain sceptical in trusting the two founders even though OPNX has reportedly generated impressive trade volume surpassing the amount of $34m.