OPNX exchange, which was recently tagged by Dubai’s VARA (Virtual Asset Regulatory Authority) as not regulated in the UAE, has been rumored to have investors from Bahrain, in the form of the Bahrain sovereign wealth fund given it has recently raised $25 million.
According to a tweet by BitMEXcrypto exchange founder Arthur Hayes, “A little birdie told me that OPNX has raised big money from Bahrain Sovereign Wealth Fund. They are trading via Tai Ping Shan. Be Warned. I want my fucking money.”
Bahrain’s sovereign fund Mumtalakt website didn’t show any investment in OPNX directly but it is noted that the sovereign fund is an investor in Al Waha Fund whose portfolio consists of venture capital funds which could have invested in OPNX given that some of them have invested in crypto and blockchain entities before.
OPNX exchange aims to tokenize users’ claims to bankrupted crypto companies, allowing them to use bankruptcy claims as collateral to trade perpetuals’.
Kyle Davies said the fundraising deal was done, but he didn’t disclose the investors. OPNX will acquire all assets of CoinFLEX including people, tech, and tokens. $FLEX will be the exchange token. As per OPNX website, “ A $20 billion market of claimants is desperately looking for a solution. This list includes FTX, Voyager, Celsius, Genesis, BlockFi, Mt Gox, and our creditors.”
According to the website, OPNX will combine the transparency of decentralized finance with the user experience of centralized finance platforms, so that traders no longer need to compromise on performance or security— allowing them to trade claims, spot and futures all on one platform, with one universal account.
OPNX is offering spot and futures trading for major tokens such as bitcoin (BTC), ether (ETH), dogecoin (DOGE) and USD coin (USDC). Claims’ trading is expected to go live in the coming weeks, according to Lamb.
CoinFLEX’s FLEX token will serve as the native token of the OPNX platform. Holders can get up to a 50% discount on trading fees with the token, which will be periodically burned, or permanently taken out of circulation. That may potentially improve value for FLEX holders in the future if demand and traction for OPNX increases and the supply gradually decrease.
Zhu Su and Kyle Davies, the founders of bankrupt hedge fund Three Arrows Capital, last month teamed with the co-founders of troubled crypto exchange CoinFLEX to create Open Exchange, calling it the “world’s first public marketplace for crypto claims trading and derivatives,” as CoinDesk reported