Native Token for New Crypto Exchange Launched by 3AC Founders Goes Parabolic After Listing on SushiSwap
An Ethereum-based altcoin has outperformed most crypto markets in the past week as the founders of bankrupt hedge fund Three Arrows Capital (3AC) prepare to launch their own exchange.
FLEX Coin (FLEX) is the native token of CoinFLEX, a crypto exchange that has recently undergone restructuring and is set to have its assets acquired by OPNX, an exchange launched by 3AC founders Su Zhu and Kyle Davies.
OPNX aims to be the first crypto exchange to allow trading with bankruptcy claims, while offering standard spot and futures trading products.
Says OPNX’s website,
“Over $20 billion in claims are trapped in the bankruptcy proceedings of FTX, Voyager, Celsius, Genesis, BlockFi, Hodlnaut, Mt Gox, 3AC and other firms.
Due to the complexity and stress of the situation, over 90% of those affected have not yet registered their claims. Settlements are likely to take many years and in many cases will not be paid out. As a result, most people have given up hope of recovering their losses.
OPNX solves this by providing a public marketplace for trading claims and crypto. It allows individuals and organizations to easily register their claims, sell them directly to crypto on order books, or use the claim as portfolio margin. This enables creditors to effectively unlock billions of dollars of pent-up capital.”
As OPNX is set to purchase CoinFLEX’s assets, so has the FLEX token planned to be the new native crypto asset for OPNX when it launches. March 26 was FLEX listed on SushiSwap, one of the largest decentralized exchanges (DEXs) on Ethereum.
Immediately after the IPO, FLEX erupted nearly 60% from $1.94 to $3.10 in a matter of hours. Over the past week, FLEX has risen 76% and is currently trading at $2.68 at the time of writing.
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