OPNX Lists FTX and Celsius Claims for Trading
OPNX, an exchange dedicated to trading bankruptcy claims against fallen crypto firms, has announced that it has listed FTX and Celsius claims. Users can convert their FTX claims into OPNX’s native reborn OX (reOX) tokens or oUSD and use them as collateral for trading crypto futures. The claims are tokenized in partnership with Heimdall, which handles onboarding and user verification. During the first week, users will receive double the market price for their FTX claims, with the bonus gradually decreasing over 50 weeks. In an example provided by OPNX, a $1 million FTX claim with a claim price of 30 cents on the dollar would receive $600,000 in equivalent reOX claim amounts. Claims are stored in a separate trust. OPNX, founded by the co-founders of bankrupt hedge fund Three Arrows Capital, has seen its daily exchange volume exceed $30 million by late June.
Key Points:
– OPNX has listed FTX and Celsius claims for trading.
– FTX claims can be converted into OPNX’s reOX tokens or oUSD and used as collateral for trading crypto futures.
– Heimdall handles the tokenization process and user verification.
– Users receive a 100% bonus on the market price of their FTX claims during the first week.
– Claims are stored in a separate trust.
Hot Take:
OPNX’s listing of FTX and Celsius claims provides crypto traders with an opportunity to trade these bankruptcy claims and potentially profit from their value. The tokenization of the claims and the use of reOX tokens as collateral make it easier for users to participate in the futures market. This innovative approach by OPNX demonstrates the evolving nature of the crypto industry and the increasing demand for alternative trading options.
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