Crypto community voices skepticism over OPNX x 3AC Ventures partnership
OPNX has announced Partnering with 3AC Ventures – The move didn’t sit well with the cryptocurrency community.
A June 21st tweet detailed that the purpose of the partnership was to develop the OPNX ecosystem, suggesting plans to expand beyond its current capabilities, but no further details were revealed. do not have.
“This partnership will build the OPNX ecosystem and invest in projects working towards a decentralized future. “
The co-founders of the OPNX exchange are Kyle Davies and Su Zhu of Three Arrows Capital (3AC) and Mark Lamb, CEO of CoinFLEX.
CoinFLEX received court approval of its restructuring agreement in March following an alleged nonpayment of $84 million in margin call debt at the hands of Roger Ver. This included rebranding the company to OPNX.
Similarly, 3AC also filed for bankruptcy. July 2022, court filings show it owes $3.5 billion to creditors. The hedge fund’s downfall was due to high-risk trading strategies that resulted in unpaid margin calls after the collapse of Terra’s ecosystem. The incident set off a domino effect, affecting the rest of the industry through a liquidity drain.
OPNX start date April 4th. The company offers spot and futures cryptocurrency trading, and its flagship “Claims” product, which tokenizes bankruptcy claims, launched operations in 2018. June 2will initially accept Celsius’s claim, but will then expand on FTX’s claim.
Given the company’s relationship with CoinFLEX and 3AC, the responses to the 3AC Ventures partnership were mostly critical, including offensive memes. @Rager I commented “clown szn”.in the meantime @LilMoonLambo I have written, “oh my god this is a real tweet“
While the story has changed little since the company first announced its entry, OPNX claims its Claims product is a way to correct last year’s mistakes.
“Open Exchange is a solution and home for those affected by the cryptocurrency crisis, allowing claimants to immediately release their locked claims directly into cryptocurrencies or use them as margins. can.”
Currently, 3AC Ventures website is a holding page with an email contact link and the text “3AC Ventures focuses on superior risk-adjusted returns without leverage.”
A post skeptical of the Crypto community’s voice for the OPNX x 3AC Ventures partnership first appeared on CryptoSlate.
