OPNX Exchange, Which Offers FTX Claims Trading, Led by Three Arrows Founders, Is Now Live

Users can get a 50% discount on trading fees if they hold FLEX tokens.

AccessTimeIconApr 4, 2023 at 1:02 p.m. UTC
Updated Apr 4, 2023 at 6:11 p.m. UTC

OPNX, a first-of-its-kind, crypto-focused exchange that lets users trade claims of bankrupt crypto companies, is now live, CEO Leslie Lamb said in a tweet Tuesday.

OPNX, which is short for Open Exchange, is a platform for trading what it says is a $20 billion market for crypto-related bankruptcy claims. The exchange will offer claims of companies such as crypto exchanges FTX and CoinFLEX. In early March, FTX claims were trading at 20 cents on the dollar.

OPNX is offering spot and futures trading for major tokens such as bitcoin (BTC), ether (ETH), dogecoin (DOGE) and USD coin (USDC). Claims trading is expected to go live in the coming weeks, according to Lamb.

CoinFLEX's FLEX token will serve as the native token of the OPNX platform. Holders can get up to a 50% discount on trading fees with the token, which will be periodically burned, or permanently taken out of circulation. That may potentially improve value for FLEX holders in the future if demand and traction for OPNX increases and the supply gradually decreases.

Zhu Su and Kyle Davies, the founders of bankrupt hedge fund Three Arrows Capital, last month teamed with the co-founders of troubled crypto exchange CoinFLEX to create Open Exchange, calling it the "world's first public marketplace for crypto claims trading and derivatives," as CoinDesk reported.

UPDATE (April 4, 2023, 13:20 UTC): Adds additional details, background.

Edited by Parikshit Mishra.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.