1 year ago
Users who held assets connected bankrupt crypto speech FTX and lender Celsius Network tin present commercialized their claims connected the Open Exchange (OPNX), according to a property release.
FTX owes arsenic overmuch arsenic $8 cardinal to customers aft it collapsed it November successful an lawsuit that caused a wide crypto marketplace downturn. Celsius owes its users astir $4.7 billion, according to its bankruptcy filing.
Resolving bankruptcy claims tin instrumentality time. Cayman Island-based trading steadfast Folkvang told CoinDesk successful February that it expects its FTX claim, which wiped retired fractional of its trading equity, to instrumentality arsenic agelong arsenic 8 years to beryllium resolved. Users tin skip the hold by cashing successful their assertion connected OPNX. Claims are presently selling for astir $0.30 per dollar connected OPNX rival Claims Market.
"With assertion tokenization, we are offering customers contiguous liquidity, the accidental to regain power implicit their funds, and enactment successful marketplace opportunities erstwhile again," said OPNX laminitis Mark Lamb.
When users merchantability their claim, they volition person the platform's autochthonal tokens, reborn OX (reOX) oregon oUSD, which is the platform's profit-and-loss currency. The tokens tin beryllium utilized arsenic collateral to commercialized connected OPNX.
OPNX was co-founded by CoinFlex's Mark and Leslie Lamb alongside Three Arrows Capital's Kyle Davies and Su Zhu.
Three Arrows Capital was 1 of the archetypal dominos to autumn successful past year's cryptocurrency carnivore market. It imploded aft a highly leveraged trading strategy backfired, starring to a question of liquidations crossed the industry.
Edited by Sheldon Reback.
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