3AC Founders Announces Launch Of New Cryptocurrency Exchange

Founders of the beleaguered crypto lending and borrowing firm Three Arrows Capital (3AC) Su Zhu and Kyle Davies announced on Thursday the launch of  the "world's first public marketplace for crypto claims trading and derivatives.”

The 3AC founders partnered with CoinFlex founder Mark Lamb for the creation of the Open Exchange (OPNX).

In a series of Twitter threads, Zhu said OPNX would focus on transparency and user safety, ensuring real-time public cryptographic audits confirm every transaction, deposit, withdrawal, trade and balance.

The exchange will start as a marketplace for claims trading and derivatives and eventually expand to offer decentralized custody and clearing, stocks, FX and innovative products.

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He added the creation of OPNX was a result of the lessons learned during the market collapse in June and July, which he called a "dark period."

Zhu stated that he and his team were determined to take the pain and build something to advance the crypto industry.

The exchange, Zhu said, will operate with a focus on radical transparency and the best of both centralized (CEX) and decentralized (DeFi) exchanges.

The primary token of the new exchange will be $FLEX.

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Photo: TierneyMJ via Shutterstock