Over the last week, an altcoin based on Ethereum has shown better performance than most crypto exchanges. This comes as the founders of the now-closed hedge fund, Three Arrows Capital (3AC), prepare to launch their own exchange.
FLEX Coin (FLEX) serves as the native token for CoinFLEX, a recently restructured crypto exchange that OPNX will acquire. Su Zhu and Kyle Davies, who co-founded 3AC, founded OPNX.
OPNX intends to be the first cryptocurrency exchange to facilitate the trade of bankruptcy claims and offer standard spot and futures trading products.
According to the website of OPNX, it is stated that there is over $20 billion worth of claims that are currently trapped in the bankruptcy proceedings of various firms, including FTX, Voyager, Celsius, Genesis, BlockFi, Hodlnaut, Mt Gox, 3AC, and others.
As a result of the complexity and stress of the situation, more than 90% of those affected have not yet registered their claims, and settlements are expected to take several years, with some claims not being paid out at all. Consequently, many individuals have lost hope of recovering their losses.
OPNX offers a solution to this issue by providing a public marketplace for trading claims and cryptocurrencies. It facilitates the easy registration of claims for individuals and organizations, allowing them to sell their claims directly into cryptocurrencies on order books or use their claims as a portfolio margin. This provides claimants with an efficient means of unlocking billions of dollars worth of trapped capital.
Due to OPNX’s planned acquisition of CoinFLEX’s assets, the FLEX token has been designated as the new native cryptocurrency asset for OPNX when it launches. FLEX was listed on SushiSwap, one of the largest Ethereum-based decentralized exchanges (DEXs), on March 26.
In a matter of hours, the price of FLEX increased by approximately 60 percent, from $1.94 to $3.10, following the listing. FLEX is currently trading at $2.68 a share, a 76% increase over the previous week.