The crypto exchange created by the founders of the now-defunct hedge fund Three Arrows Capital (3AC) is closing down just a year after its launch.
In an email shared by users on the social media platform X, Open Exchange (OPNX) says it will officially cease operations and shut down in February.
OPNX says users should settle their positions before February 7th as well as download their historical data and withdraw their funds by February 14th.
The platform says open positions will be automatically settled after February 7th and the withdrawal functionality will be disabled by February 14th.
“We are dedicated to ensuring an orderly closure for all users.
We are deeply thankful to each member of the OPNX community for their dedication and trust.”
3AC founders Su Zhu and Kyle Davies launched OPNX with the aim of making it the first crypto exchange to support trading of bankruptcy claims as creditors of failed crypto firms including FTX, Voyager, Celsius, Genesis, BlockFi, Mt. Gox and 3AC seek alternative solutions.
The Singapore-based Three Arrows Capital used to manage over $10 billion worth of assets but went bust during the crypto bear market.
Says the OPNX website,
“We believe that founders who reach great heights and then fall learn the most important lessons and, therefore, have the most to contribute. Our responsibility is to use the wisdom gained to build a more robust, open, and transparent financial world for everyone.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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