The Dawn of Open Exchange
In a significant move within the crypto landscape, the Open Exchange (OPNX) has officially launched its website and waitlist as of February 9, 2023. This groundbreaking project, initially proposed by crypto venture powerhouses 3AC and Coinflex, aims to become the world’s first public marketplace solely dedicated to crypto claims trading and derivatives.
Three Amigos: 3AC and Coinflex Team Up
The birth of OPNX is rooted in a tale of remorse and redemption. Zhu Su, co-founder of 3AC, revealed in a Feb. 9 Twitter thread that the project emerged as a response to their tumultuous past. After feeling the sting of the market collapse last summer—thanks to a rather ambitious leap into the crypto deep end—Su and his partner Kyle Davies decided it was time to turn their setbacks into a learning opportunity. “Total darkness” is how Su described their darkest days, but now they are aiming to bring light to the crypto community.
Transparency Like Never Before
What sets OPNX apart in the crowded crypto exchange market? It’s the promise of “real-time public cryptographic audits.” Yes, you read that right! OPNX is determined to ensure that “all user funds are provably untouched,” addressing one of the major concerns that have plagued the crypto landscape. It’s safety-first as they gear up to provide a marketplace for claims trading before eventually branching out into foreign exchange, stocks, and even more innovative products.
A Mixed Bag of Reactions
However, not everyone is cheering from the sidelines. The initial proposal for the exchange, initially dubbed “GTX,” faced a backlash after being leaked on January 16. Many CoinFLEX creditors raised eyebrows at the connection to the infamous 3AC hedge fund. With the turmoil surrounding 3AC’s past, CoinFLEX has assured concerned parties that this partnership is set to reinvigorate both customer benefits and creditor confidence.
The Future Is Bright—Hopefully
As OPNX positions itself to bring “the best of both CeFi (Centralized Finance) and DeFi (Decentralized Finance) combined,” the community eagerly awaits the potential that lies ahead. For many, this is an exciting time filled with promise, while for others, it’s a cautious step back into the waters of crypto exchange. Only time will tell if Open Exchange can rise above the shadows of its founders’ previous ventures.
