Zhu Su and Kyle Davies, the founders of failed crypto hedge fund Three Arrows Capital (3AC), have launched a new crypto project with a novel twist.
The platform is called Open Exchange (OPNX) and aims to be the “world's first public marketplace for crypto claims trading and derivatives”.
According to a pitch deck obtained by The Block, Open Exchange is catered to out-of-pocket depositors of the gamut of collapsed crypto platforms – including FTX, BlockFi and Celsius – who have funds locked up in Chapter 11 proceedings.
Further details are scarce, but a waitlist has been launched for interested users.
It was previously reported that Singaporean citizens Su and Davies were seeking US$25mln in funding for a claims trading exchange.
Claims trading is the process of a creditor, in this case former FTX, Celsius BlockFi etc customers, selling their valid bankruptcy claims to willing buyers who will then take on the risk of not being reimbursed by the insolvent debtor.
Open Exchange’s splash page suggests that outstanding crypto claims constitute a SU$20bn market. US citizens are not eligible for the waitlist.
Mark Lamb and Mr Sudhu Arumugam, co-founders of restructured crypto exchange CoinFlex, are also involved in the venture.