After last year’s cryptocurrency market crash, the founders of Three Arrows Capital, Su Zhu and Kyle Davies, have opened a new cryptocurrency exchange called OPNX. The company announced the launch of the exchange and its token, FLEX, through an airdrop on Tuesday. However, despite FLEX having a market cap of $256 million according to CoinMarketCap, it has been trading weakly with only $796,000 in trading volume over the last 24 hours.
Zhu told the Wall Street Journal in February that the new Dubai-based venture had raised about $25 million in funding, with former Three Arrows Capital investors also involved. The venture was first announced in January under the name GTX, but it was later changed to OPNX due to its similarity to the bankrupt FTX exchange.
OPNX’s platform is positioned as a marketplace where people who have outstanding debts from bankrupt companies can sell their rights. The exchange is not currently available for trading in the US, Canada, and some African countries, and it is led by Leslie Lamb, the wife of Coinflex CEO Mark Lamb.
FLEX is currently trading at $2.70, and its total supply is set at 98,735,000. According to the company’s statement, eligible customers who are on a private waitlist will receive FLEX tokens through an airdrop. However, the fact that FLEX has been trading weakly with only $796,000 in trading volume over the last 24 hours is notable.