bankrupt hedge fund Three Arrows CapitalAn Ethereum-based altcoin has performed quite well over the past week as the founders of (3AC) prepare to launch their own exchange.
FLEX Coin (FLEX) is the native token of CoinFLEX, a crypto exchange that has recently undergone restructuring and whose assets are planned to be acquired by OPNX, an exchange started by 3AC founders Su Zhu and Kyle Davies.
OPNX, aims to be the first crypto exchange to provide standard spot and futures products while also allowing the trading of bankruptcy claims. On the website, the following statements on the subject stand out:
“More than $20 billion of claims are stuck in bankruptcy proceedings from FTX, Voyager, Celsius, Genesis, BlockFi, Hodlnaut, Mt Gox, 3AC and others.
Due to the complexity of the situation, more than 90% of those exposed have yet to register their claims. Settlements are likely to take many years and in most cases non-payment. As a result, many have lost hope of compensating for their losses.
OPNX solves this problem by providing a public marketplace for claims and crypto trading. It allows individuals and organizations to easily register their claims, sell them directly to crypto on their order book or use their claim as portfolio margin. This enables claimants to efficiently unlock billions of dollars of stuck capital.”
As OPNX prepares to purchase CoinFLEX’s assets, FLEX tokenwas chosen as the new native crypto asset for OPNX at launch. On March 26, FLEX was also strengthened by being listed by SushiSwap, one of the largest decentralized exchanges (DEXs) on Ethereum.
Immediately after the listing, FLEX jumped from $1.94 to $3.10 in a few hours, up nearly 60%. Over the past week, FLEX has gained 76% and is currently trading at $2.68 at the time of writing.
You can follow the current price action here.