- OPNX will list its native exchange token FLEX on Seychelles-based cryptocurrency exchange MEXC Global.
- FLEX was announced as the exchange token for the new Open Exchange shortly after its launch.
- The new trading venue is formed by founding members of struggling cryptocurrency firm CoinFLEX and Three Arrows Capital.
Open Exchange (OPNX) will list its native exchange token FLEX on Seychelles-based cryptocurrency exchange MEXC Global.Trading Platform Founded by Executives of Troubled Cryptocurrency Firms CoinFLEX and Three Arrows Capital shared News of the listing was announced via tweet on Tuesday. Cryptocurrency exchange MEXC also confirmed the listing on Twitter.
OPNX tweeted that FLEX will have a maximum supply of 100 million tokens. Additionally, 20% of revenue generated by FLEX will be used to support the token burn. The new exchange hints that FLEX’s staking service and other incentives are “coming soon.”
$elasticityOPNX’s native fee payment token, will be listed on MEXC within 1 hour ⌛️
Tune in to our 90 minute Q&A with CEO Leslie and MEXC to learn more https://t.co/DAUWR2cWiC
— OPNX (@OPNX_Official) March 14, 2023
MEXC Global is a centralized cryptocurrency exchange that allows users to access basic cryptocurrency trading facilities without going through know-your-customer (KYC) verification. The Seychelles-based cryptocurrency exchange was established in 2018 as a venue for what it calls “high-performance mega-trade” Crypto assets.
3AC and CoinFLEX executives raise funds for OPNX
Executives of bankrupt cryptocurrency exchange CoinFLEX and bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC) completed funding for their Crypto asset venture OPNX on March 7, a source said.
Open Exchange, originally known as GTX, is trying to raise $25 million in seed funding, according to a leaked pitch deck. 3AC co-founder Su Zhu confirmed that he is developing the new cryptocurrency exchange, but declined to give further details.
Despite being caught between the failures of CoinFLEX and 3AC, the OPNX platform promises to unlock the $20 billion market for cryptocurrency bankruptcy claims. Additionally, Open Exchange claims to be “the world’s first public marketplace for cryptocurrency claims trading and order book derivatives” following its launch on Feb. 9.
According to sources who spoke with 3AC’s Kyle Davies, Open Exchange could attract as much as $20 million in users from struggling cryptocurrency firms such as 3AC, FTX and Mt. Gox.
1/12 Kyle Davis contacted me after this tweet.
Fundraising deals are done.
But they won’t reveal who the investors are – as most exchanges won’t.
He also explains how exchanges, collateral systems and token economics work: 🧵 https://t.co/A43gKBMjz0
— Ignas | DeFi Research (@DefiIgnas) March 7, 2023
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