crypto.news
The recently launched OPNX, a bankruptcy claims exchange platform co-founded by former Three Arrows Capital executives, experienced minimal trading volume, raising questions about its customer acquisition strategy and market demand.
Open Exchange (OPNX), a bankruptcy claims exchange platform, was launched on April 5 by Kyle Davies and Su Zhu, co-founders of the unsuccessful crypto hedge fund Three Arrows Capital, along with executives from the troubled CoinFLEX exchange.
Since its inception, the platform has experienced limited trading activity, with only two transactions totaling $1.26 across all spot and derivatives markets.
Don’t think anyone believes you are here to “help the community” when your platform was founded by scammers
— ZachXBT (@zachxbt) April 4, 2023
In a recent tweet by ZachXBT, skepticism was expressed regarding the intentions of the OPNX platform due to the controversial background of its founders.
The reasons for the lackluster trading volume are uncertain, but as ZachXBT tweeted, nobody can seem to trust a platform that is run by past “scammers”. Still, it is not clear whether the exchange has encountered difficulties in acquiring new clients or if there is simply an absence of demand.
In contrast to other platforms, OPNX does not employ internal market makers, a choice that Davies previously stated would not impact liquidity. Zhu reinforced this decision in a tweet, explaining that the exchange is learning from the collapse of crypto exchange FTX and working on building liquidity “brick by brick.”
A notable aspect of OPNX that has yet to be implemented is the tokenized bankruptcy claim feature. This function will enable users to redeem various crypto-related claims, potentially increasing the platform’s appeal once it goes live.