Three Arrows founders launch crypto exchange

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Updated February 13, 2023 | Published February 13, 2023

2 mins read

Failed hedge fund founders have launched a $25m crypto exchange targeting insolvent platforms.

Founders of Three Arrows Capital Ltd have returned with a $25m crypto exchange allowing users to trade bankruptcy claims from insolvent platforms and funds, including their own.

Su Zhu and Kyle Davies, the founders of the collapsed hedge fund Three Arrows, have created Open Exchange, or OPNX, alongside crypto exchange CoinFlex founders Mark Lamb and Sudhu Arumugam.

It is expected to launch at the end of this month and has already begun accepting applications from individuals who want to be among the first to trade their crypto claims.

The company’s website states there is a $20bn market of crypto claimants, and the exchange will allow creditors to convert their claims into cryptocurrencies to use them as margin collateral for crypto futures trading.

Claims against Three Arrows Capital are among those that can be traded on the new exchange, in addition to claims against FTX, Genesis Global Capital, Celsius Network and others.

There have been more than 3,600 sign-ups so far however US residents are among those ineligible for the wait list, the company said.

OPNX are not alone in allowing users to trade tokenised bankruptcy claims. Huobi, a Singapore-based crypto exchange, said FTX’s creditors can start trading FTX users’ debt tokens, FUD, on its platform.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by David Kent

David has more than a decade of sports betting and sports writing experience working with some of the biggest names in the industry. He focuses on articles covering these subjects including how crypto is transforming sportsbooks.
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