​3AC founders to launch the world’s first exchange for trading debt tokens

What’s new? The founders of the bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC) Zhu Su and Kyle Davis announced the launch of a platform called Open Exchange, “the world’s first public marketplace for crypto claims trading and derivatives.” They plan to make Open Exchange the most transparent centralized exchange (CEX) in the world.

1/ Introducing Open Exchange.Open Exchange will start as the world's first public marketplace for crypto claims trading and derivatives.Then become the world's most radically transparent CEX.The claims waitlist is now open @ https://t.co/Q2HsUqSZ7E 🧵👇 — OPNX Official (@OPNX_Official) February 9, 2023

Launch details. For now, users can sign up for a special waitlist. Beta tests of the site will begin at a later date. The main asset on the Open Exchange will be the FLEX coin.

According to Zhu Su, after the collapse of 3AC, the FTX exchange, broker Voyager, the Celsius lending platform, and others, a market has formed of investors trying to get their money back. Open Exchange will allow them to monetize claims against bankrupt companies and trade them on the platform.

The exchange will use special cryptographic audits that will check balances, liquidations, and other parameters in real-time to ensure transaction transparency.

9/ a public marketplace for crypto claims trading & derivativesbuilt on a radically transparent exchangesuch that realtime public cryptographic audits confirm every balance, liquidation, withdrawal, deposit, trade is correct - & all user funds are provably untouched — Zhu Su 🔺 (@zhusu) February 9, 2023

The media reported on plans by the founders of 3AC and the CoinFLEX exchange to launch the platform in January. It was originally to be called GTX. News of a $25 million fundraiser for the new project appeared online two months after the collapse of FTX. One presentation of the new exchange began with the headline “because G comes after F,” and suggested that FTX creditors would transfer their rights to the assets to GTX.

According to former BitMEX CEO Arthur Hayes, the fact that the founders of the bankrupt 3AC were able to raise funds for the new project indicates the beginning of a bull market.