In the aftermath of the FTX implosion, some former execs from defunct cryptocurrency firm 3AC have teamed up to launch a new cryptocurrency exchange.
On April 4, the rebranded cryptocurrency exchange OPNX went operational and opened its order books to users to seize a share of the crypto claims market, which has more than 20 million claimants.
After unveiling its contentious business model and receiving funds, the cryptocurrency exchange announced the launch of its trading venue website, which is referred to as OPNX.
As “a symbol of our thanks,” the platform has announced a giving away some of its FLEX tokens to community members and users who are qualified for the waitlist.
The cryptocurrency exchange has announced that FLEX would operate as the exchange token for the platform, like how BNB works on Binance.
FLEX tokens are limited to 100 million, and token burning will be funded with 20% of the money earned from user fees.
CoinFLEX part of the deal
With the publication of a pitch presentation for potential investors in early 2023, Su Zhu and Kyle Davies’ prospective cryptocurrency exchange was made known to the cryptocurrency world.
Initially, the platform was given the moniker GTX, which was disturbingly similar to the defunct crypto platform FTX, and the creators proceeded to secure a total of $25 million in investment.
The highest levels of the new cryptocurrency enterprise are comprised of individuals such as the founders of the defunct cryptocurrency hedge fund Three Arrows Capital and the CEO of CoinFLEX, Mark Lamb.
While a name change was not mentioned, in March, a court in Seychelles approved a reorganization plan for the CoinFLEX trading venue, which was operating under bankruptcy protection.