Abstract:
- Su Zhu and Kyle Davies’s new crypto enterprise OPNX companions with a agency bearing an analogous identify to the fallen hedge fund.
- 3AC Ventures will act as the brand new ecosystem associate of the digital exchanges that hopes to unlock a $20 billion chapter declare market.
- “3AC is lifeless, lengthy stay 3AC Ventures” tweeted Three Arrows Capital co-founder Kyle Davies on Wednesday following the announcement.
Crypto claims change OPNX, breathed into life by former Three Arrows Execs Su Zhu and Kyle Davies, has unveiled a brand new ecosystem associate referred to as 3AC Ventures.
Following the announcement, Kyle Davies who co-founded bankrupt crypto hedge fund Three Arrows Capital or 3AC – to not be confused with the spanking new 3AC Ventures – tweeted “3AC is lifeless, lengthy stay 3AC Ventures”.
OPNX Enters Partnership With 3AC Ventures
The official announcement says the partnership between OPNX and 3AC ventures will pave a clearer path towards decentralization by backing choose tasks.
The partnership will spend money on tasks constructing within the OPNX ecosystem and dealing in direction of a decentralized future.
3AC Ventures appears to be a fork of the fallen 3AC entity however with no “leverage, no debt, no worry” this time, Davies replied to a person on Twitter. The agency boasts a enterprise mannequin constructed round “superior risk-adjusted” returns with out the usage of leverage, per particulars from the 3AC Ventures web site.
The announcement and help from 3AC’s Davies met with combined reactions on social media as some customers had been left baffled by the transfer. “Right here we go once more,” one person mentioned whereas one other replied, “Anybody who invests with you at this level deserves what they get”.
Certainly, OPNX has been shrouded in controversy since its launch because of the minds behind the venture. The founding members embody Su Zhu and Kyle Davies whose crypto hedge fund 3AC crumbled final yr following the Terra crash. OPNX additionally options execs from different troubled crypto ventures like CoinFLEX.