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OPNX, the new exchange platform, is set to launch soon and is offering users the opportunity to access liquidity from money owed by failed crypto companies.
Founded by Three Arrows Capital's co-founders Kyle Davies and Zhu Su, OPNX aims to tokenize users' claims to bankrupt crypto companies, allowing them to use bankruptcy claims as collateral to trade perpetuals.
The claims trading feature is set to come later after Open Exchange's initial start, although the launch date has not yet been confirmed.
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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