OPNX co-founder Mark Lam and partner Heimdall CEO Vishal Shah said the company’s bankruptcy tokenized product will be available to Celsius users within a week. admitted that
The exchange will allow users whose funds were frozen on defunct crypto platforms to unlock their underlying value.
OPNX went live on April 4, offering spot and derivatives trading. However, the launch date for the company’s flagship bankruptcy bond product has not been disclosed.
As confirmed by Shah, the bankruptcy bond product will be available to Celsius users starting around May 29.
OPNX Focuses on the Long Term Perspective
In revealing OPNX’s strategy, Lam said he wanted to differentiate the exchange from other exchanges by operating a membership model based on betting on bankruptcy claims for benefits such as zero-fee trading. rice field.
Additionally, he argues for adopting a liquidity model that is unfavorable to market makers and making OPNX specialize in tokenized bankruptcy claims or real-world assets (RWA), listing the same tokens, and not being an expert in any particular area. He also talked about trying to differentiate himself from other exchanges. .
“in the end [we] Basically wanting a product that is more than just a crypto-native token, every exchange is vying to list the same set of new tokens. And none of the exchanges have special features. “
Lam said the focus on RWA provides fundamental value beyond cryptocurrency and speculation, ensuring longevity into the future.
Celsius bankruptcy filing opens in less than a week
Bankruptcy bond trading is not a new phenomenon, especially among resource-rich companies. However, Shah said the 2022 cryptocurrency bankruptcy would create a “creditor class fragmentation,” leaving a $20 billion hole for OPNX to innovate using the disruptive potential of tokenization technology. explained.
He downplayed criticism that bankruptcy bonds are irreplaceable and therefore untradable, saying that bonds could be standardized “with the right levers pulled.”
Lam added that OPNX removes the uncertainty of bankruptcy claims and provides claimants with tokens they are already familiar with, allowing them to recover locked funds or use them for futures trading if they wish. .
Shah said the Celsius bill will be ready for tokenization shortly after Memorial Day on May 29.
Celsius suspended withdrawals on June 13, 2022, citing “extreme market conditions”.The company filed for bankruptcy on July 13, 20221.7 million customers were stranded.
