An Ethereum-based altcoin has outperformed a lot of the crypto markets during the last week because the founders of bankrupt hedge fund Three Arrows Capital (3AC) gear as much as launch their very own trade.
FLEX Coin (FLEX) is the native token of CoinFLEX, a crypto trade that has lately undergone restructuring and is about to have its belongings acquired by OPNX, an trade launched by 3AC founders Su Zhu and Kyle Davies.
OPNX goals to be the primary crypto trade that enables for the buying and selling of chapter claims whereas additionally offering customary spot and futures buying and selling merchandise.
Says OPNX’s web site,
“Over $20B of claims are trapped within the chapter proceedings of FTX, Voyager, Celsius, Genesis, BlockFi, Hodlnaut, Mt Gox, 3AC, and different corporations.
As a result of complexity and stress of the scenario, over 90% of these affected have but to register their claims. Settlements are prone to take a few years and, in lots of circumstances, is probably not paid out. Because of this, most have given up hope of recovering their losses.
OPNX solves this by offering a public market for buying and selling claims and crypto. It permits people and organizations to simply register their claims, promote them instantly into crypto on orderbooks, or use their declare as portfolio margin. This permits claimants to effectively unlock billions of {dollars} of trapped capital.”
As OPNX is about to amass CoinFLEX’s belongings, FLEX token has been slated to be the brand new native crypto asset for OPNX when it launches. On March twenty sixth, FLEX was listed on SushiSwap, one of many greatest decentralized exchanges (DEXes) on Ethereum.
Instantly after the itemizing, FLEX erupted almost 60% from $1.94 to $3.10 in a matter of hours. During the last week, FLEX is up 76%, at present buying and selling for $2.68 at time of writing.
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