OPNX, the new exchange founded by Three Arrows Capital's co-founders Kyle Davies and Zhu Su, is now live. It aims to tokenize users' claims to bankrupt crypto companies, allowing them to use bankruptcy claims as collateral to trade perpetuals.
OPNX tweeted that claims trading for Celsius, FTX, and other estates are coming next.
When the claims-trading feature side is launched, it will require users to pay an upfront fee and go through a multistep process before they see any funds. Per the CEO:
- Folks have to apply to transfer their claim to Open Exchange, which includes putting in personal information as well as claims details.
- It would then establish control of the user's estate account.
- Assuming everything is found to be in order, Open Exchange issues credit to the account that corresponds to the claim.
- With that credit extended against the claim, a user could "cash out" or use that credit to "leg back into a trade, buy bitcoin or whatever."
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