An Ethereum-based altcoin has outperformed most of the crypto markets over the last week as the founders of bankrupt hedge fund Three Arrows Capital (3AC) gear up 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 that allows for the trading of bankruptcy claims while also providing standard spot and futures trading products.
Says OPNX’s website,
“Over $20B of 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 yet to register their claims. Settlements are likely to take many years and, in many cases, may not be paid out. As a result, most 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 into crypto on orderbooks, or use their claim as portfolio margin. This enables claimants to efficiently unlock billions of dollars of trapped capital.”
As OPNX is set to acquire CoinFLEX’s assets, FLEX token has been slated to be the new native crypto asset for OPNX when it launches. On March 26th, FLEX was listed on SushiSwap, one of the biggest decentralized exchanges (DEXes) on Ethereum.
Immediately after the listing, FLEX erupted nearly 60% from $1.94 to $3.10 in a matter of hours. Over the last week, FLEX is up 76%, currently trading for $2.68 at time of writing.
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