Abstract:

• The most recent 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 type the ranks of the brand new crypto trade.
• Failed crypto trade CoinFLEX rebranded to OPNX after a courtroom permitted 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 trade within the wake of FTX’s collapse.

Rebranded crypto trade OPNX went stay on Tuesday, opening its order books to prospects with the hopes of capturing a crypto claims market with over 20 million claimants. The crypto trade 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 neighborhood members and eligible waitlisted customers, the platform mentioned in a observe styling the giveaway “as a token of our appreciation”.

The crypto trade mentioned FLEX will function the trade token for the platform, much 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 also 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 information reveals.

Out CoinFLEX, Enter OPNX

The crypto neighborhood was launched Su Zhu’s and Kyle Davies’ new crypto trade 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 type the upper ranks of the brand new crypto enterprise. In March, a Seychelles courtroom permitted 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 courtroom approval in Seychelles.