Users who held assets on bankrupt crypto exchange FTX and lender Celsius Network can now trade their claims on the Open Exchange (OPNX), according to a press release.
FTX owes as much as $8 billion to customers after it collapsed it November in an event that caused a widespread crypto market downturn. Celsius owes its users around $4.7 billion, according to its bankruptcy filing.
Resolving bankruptcy claims can take time. Cayman Island-based trading firm Folkvang told CoinDesk in February that it expects its FTX claim, which wiped out half of its trading equity, to take as long as eight years to be resolved. Users can skip the wait by cashing in their claim on OPNX. Claims are currently selling for around $0.30 per dollar on OPNX rival Claims Market.
“With claim tokenization, we are offering customers immediate liquidity, the chance to regain control over their funds, and participate in market opportunities once again,” said OPNX founder Mark Lamb.
When users sell their claim, they will receive the platform’s native tokens, reborn OX (reOX) or oUSD, which is the platform’s profit-and-loss currency. The tokens can be used as collateral to trade on OPNX.
OPNX was co-founded by CoinFlex’s Mark and Leslie Lamb alongside Three Arrows Capital’s Kyle Davies and Su Zhu.
STORY CONTINUES BELOW
Three Arrows Capital was one of the first dominos to fall in last year’s cryptocurrency bear market. It imploded after a highly leveraged trading strategy backfired, leading to a wave of liquidations across the industry.