Abstract:
- The newest crypto enterprise of Su Zhu and Kyle Davies, dubbed OPNX, opened its doorways to prospects on Tuesday.
- Former executives from now-bankruptcy digital asset firms CoinFLEX and Three Arrows Capital kind the ranks of the brand new crypto change.
- Failed crypto change CoinFLEX rebranded to OPNX after a court docket authorized its restructuring plan, albeit with none point out of a reputation change.
Prime-ranking executives from failed crypto firms banded collectively to dish out a brand new crypto change within the wake of FTX’s collapse.
Rebranded crypto change OPNX went dwell on Tuesday, opening its order books to prospects with the hopes of capturing a crypto claims market with over 20 million claimants. The crypto change introduced its buying and selling venue web site OPNX dot com after elevating funding and asserting its controversial marketing strategy.
A token giveaway of the platform’s FLEX token was introduced for group members and eligible waitlisted customers, the platform stated in a observe styling the giveaway “as a token of our appreciation”.
The crypto change stated FLEX will function the change token for the platform, just like BNB on Binance. FLEX’s provide is capped at 100 million and 20% of the income generated from charges will fund token burns. The token can be tradable on perp dex MEXC.
FLEX’s $256 million market cap boasts a modest each day buying and selling quantity of lower than $1 million, CoinMarketCap knowledge exhibits.
Out CoinFLEX, Enter OPNX
The crypto group was launched Su Zhu’s and Kyle Davies’ new crypto change after an buyers pitch deck was leaked in early 2023. Initially, the platform was named GTX, eerily harking back to chapter crypto FTX, and the founders moved to lift $25 million in funding.
Founders of failed crypto hedge fund Three Arrows Capital, and CoinFLEX CEO Mark Lamb kind the upper ranks of the brand new crypto enterprise. In March, a Seychelles court docket authorized a restructuring plan for the chapter CoinFLEX buying and selling venue, albeit with none point out of a reputation change.
CoinFLEX rebranded to OPNX after securing court docket approval in Seychelles.