As per a recent development, Open Exchange, OPNX, announced a new partner in the ecosystem, dubbed 3AC Ventures. Open Exchange is a platform for trading claims against bankrupt crypto companies, exchanges, and even failed token projects. Its developers have stated that the recent partnership would set the stage for investing in project building on the OPNX ecosystem. The project is also described as one of the roads that would take the platform toward a decentralized future.
We are excited to announce OPNX's ecosystem partner— 3AC Ventures.
The partnership will invest in projects building in the OPNX ecosystem and working towards a decentralized future.
— OPNX 🐂 (@OPNX_Official) June 21, 2023
The Open Exchange was founded by Su Zhu and Kyle Davies, who also previously founded the now-failed Three Arrows Capital hedge fund. While making the announcement, Davies emphasized the fact that 3AC is now dead, and 3AC Ventures would fill the void left by the firm.
3AC is dead, long live 3AC Ventures https://t.co/61s8uQquOZ
— Kyle Davies 🐂 (@KyleLDavies) June 21, 2023
To boost the confidence of people, the landing page of Open Exchange’s website says that 3AC Ventures is committed to offering superior risk-adjusted returns without leverage. However, email contact has also been mentioned.
The Bankruptcy of 3AC and a New Start for its Founders
Back in June 2022, Three Arrows Capital had to file for bankruptcy as a result of several leveraged trades that had gone wrong. However, the mishap took place during the time of the bearish market and its unfiltered exposure to the $40 billion collapse of the Terra Luna ecosystem.
3AC continued to suffer as a result of these shortcomings, and both Zhu and Davies disappeared without a trace. Many speculate that the pair disappeared so they would not be held responsible for their mishaps, whereas some people believe that they spent their time in either Dubai or Indonesia.
At the time of its peak, the hedge fund managed assets worth approximately $410 billion. At the time of the bankruptcy of 3AC, the firm had creditor claims accounting for a total of almost $3.4 billion. On June 15 this year, the 3AC liquidators filed a motion in hopes of holding Davies in contempt of court in the US. However, the motion does not extend to Zhu as his Singaporean citizenship places him outside the jurisdiction of the US.
OPNX was launched in April this year but did not receive a favorable response during the first few days. The platform experienced little to no trading activity initially, but the situation has changed dramatically as it has now surpassed $30 million in daily average volume. At the same time, the platform also launched its token, dubbed OX, which currently has a market cap of $81 million and is trading for $0.02854.