Coinflex, the former cryptocurrency exchange behind the BCH to sBCH cross-chain bridge, has made partial repayments to SmartBCH Alliance Limited as part of its restructuring plans. SmartBCH, a Bitcoin Cash sidechain compatible with Ethereum, received distributions from Coinflex, including rvUSD, USDC, and BCH. Of the USDC received, 80% has been swapped into bitcoin cash. SmartBCH currently owns a total of 10,758 BCH. The repayment comes after a surge in the price of bitcoin cash, which has gained over 110% in the last seven days. Coinflex is currently undergoing a legal process for restructuring. It has rebranded to Open Exchange (OPNX) and is working with the co-founders of bankrupt crypto hedge fund Three Arrows Capital on the new venture. SmartBCH said it plans to open an account on OPNX and convert rvUSD into bitcoin cash through the exchange. It has also burned sBCH tokens and is responsible for maintaining the peg between sBCH and BCH.
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