OPNX exchange claims AppWorks, others’ funding

OPNX, a cryptocurrency exchange co-founded by members of the Three Arrows Capital (3AC) and Coinflex teams, has disclosed its putative venture capital backers.

CEO Leslie Lamb thanked the project’s main supporters, including AppWorks, Susquehanna (SIG), DRW, MIAX Group, China Merchant Bank International, and Token Bay Capital, in a video posted by the company on April 21.

The crypto community has harshly criticized OPNX for its association with Su Zhu and Kyle Davies, founders of the defunct 3AC hedge fund. Some companies have stated that they may refuse to do business with anyone who helps fund the new exchange.

However, the company behind the project has defended itself by claiming that it will assist in compensating consumers for failed crypto ventures.

According to early fundraising documents, OPNX will permit merchants to purchase and sell claims against insolvent companies such as 3AC and FTX.

According to a video uploaded on April 21, the sponsors of OPNX have previously financed numerous financial and technological initiatives.

SIG was an early investor in TikTok, whereas MIAX Group owns a U.S.-regulated equity and options exchange. AppWorks is also listed as a partial proprietor of Uber on Cunchbase.

At least one of the companies mentioned in the video has turned down funding for the initiative.

Nascent, a DeFi trading company, stated that it purchased Coinflex tokens issued by the company’s previous incarnation but that it did not take part in a funding round for OPNX.

Three Arrows Capital was founded in 2012 as a cryptocurrency hedge fund. Voyager Digital issued a notice of default in June after the company allegedly failed to repay a loan of 15,250 bitcoins and 350 million USD coins.

The hedge fund filed for bankruptcy on July 1, and some creditors have accused the founders of being “on the run” or fleeing from the bankruptcy court.