Su Zhu and Kyle Davies, the founders of cryptocurrency hedge fund Three Arrows Capital (3AC), have raised $25 million in a funding round for their new exchange, OPNX. The new exchange will acquire the remaining assets of troubled exchange CoinFLEX, including “people, tech, and tokens,” and will use its own token, FLEX, for fees, which will be burned as 20% of the exchange’s generated revenue. OPNX is also a marketplace for trading in bankruptcy claims from other crypto companies. The acquisition of CoinFLEX is part of the exchange’s restructuring plan, and the exchange officially launched its waitlist for users back in February. OPNX was initially named GTX but was later rebranded to Open Exchange, or OPNX for short.
