- The Open Exchange (OPNX), created last year to assist those affected by the cryptocurrency contagion, has announced it will close this month
- The platform was backed by Su Zhu and Kyle Davies, the Three Arrows Capital founders
- Following its brief existence, OPNX is unlikely to be missed
The Open Exchange (OPNX), which launched last year as a refuge for those adversely affected by the cryptocurrency contagion, has revealed that it is to shutter this month. OPNX was famously created by Three Arrows Capital founders Su Zhu and Kyle Davies alongside the co-founders of Coinflex, with the former culpable of birthing the crypto contagion in 2022 when they ran Three Arrows into the ground. No reason was given for the closure of the exchange after just ten months, but it’s unlikely that anyone will miss it.
OPNX Was Unpopular From the Start
OPNX’s concept revolved around the tumultuous nature of the cryptocurrency sector, offering a platform for individuals left stranded by collapsed crypto companies to trade their pending recovery claims or utilize them as collateral. The identity of the founders ensured the project got off to a rocky start, and it wasn’t helped when an internal document was leaked in which they initially called the exchange GTX (“because G comes after F”).
OPNX faced challenges after it finally launched last April, including the addition of FTX bankruptcy claims to its marketplace and regulatory scrutiny in Dubai for lacking proper licensing, although in November 2023, OPNX announced securing a license to operate in Lithuania. The company also unsuccessfully attempted to acquire the collapsed crypto lender Hodlnaut.
OPNX users were presumably stunned to receive an email this week announcing that the company “will officially cease operations and shut down in February 2024,” with no reason given as to why. The presumption is that the business model simply wasn’t working, although no one will shed a tear for Zhu, Davies, and co.
