Summary:
- OPNX will list its native exchange token FLEX on Seychelles-based crypto exchange MEXC Global.
- FLEX was announced as the exchange token for the new Open Exchange shortly after its launch.
- The new trading venue comprises founding members from troubled crypto firms CoinFLEX and Three Arrows Capital.
Open Exchange (OPNX) will list its native exchange token FLEX on Seychelles-based crypto exchange MEXC Global. The trading platform founded by executives from troubled crypto firms CoinFLEX and Three Arrows Capital shared the listing news via a tweet on Tuesday. Crypto exchange MEXC also confirmed the listing on Twitter.
OPNX tweeted that FLEX will have a 100 million token max supply. Also, 20% of the revenue generated by FLEX will be used to back token burns. The new exchange hinted that staking services and other incentives for FLEX are “coming soon”.
MEXC Global is a centralized crypto exchange that allows users to access basic crypto trading facilities without going through Know-Your-Customer (KYC) verification. The crypto exchange located in Seychelles was founded in 2018 as a so-called “high-performance mega-transaction” digital asset trading venue.
3AC And CoinFLEX Execs Raise Funds For OPNX
Executives from bankrupt crypto exchange CoinFLEX and bankrupt crypto hedge fund Three Arrows Capital (3AC) completed funding for their digital asset venture OPNX on Mar. 7, one source shared.
Open Exchange initially dubbed GTX sought to raise $25 million in seed funding, per a leaked pitch deck. 3AC co-founder Su Zhu confirmed that he was working on the new crypto exchange but declined to share more details on the effort.
The OPNX platform promises to unlock a $20 billion crypto bankruptcy claims market despite being sandwiched between the failures of CoinFLEX and 3AC. Also, Open Exchange claims to be the “world’s first public marketplace for crypto claims trading & derivatives on order books” after launching on Feb. 9.
According to a source who spoke with 3AC’s Kyle Davies, Open Exchange could onboard as much as $20 million users from beleaguered crypto firms like 3AC, FTX, and Mt. Gox to name a few.
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