Open Exchange (OPNX) founder Mark Lamb and CEO of Heimdall, Vishal Shah, disclosed that the bankruptcy claim product would be available to Celsiusย Networkย LLC users in a week.ย The cryptocurrency exchange allows users whose funds are frozen on bankrupt cryptocurrency platforms to unlock their assets.ย
OPNX was Launched on April 4 to offer spot and derivative trading, including the bankruptcy claim product. Onย theย otherย hand, the company didnโt disclose a rollout date for the bankruptcy tokenization product at launch.ย
Instead, the CEO of Physicalย World Assets tokenization company Heimdall, Vishal Shah, disclosed that Celsiusย Networkย LLC users could access the bankruptcy tokenization product from May 29.ย
OPNX Bankruptcy Tokenization Offerings
OPNX is a Dubai-based exchange established by Mark Lamb, CEO of a cryptocurrency futures exchange CoinFlex, and 3 others.ย
The 3 other founders include Sudhu Arumugan and founders of failed cryptocurrency hedge fund Threeย Arrowsย Capitalย (3AC), Su Zhu and Kyle Davies. Althoughย while describing OPNXโs business strategy, Lamb stated he desiresย to distinguish the exchange from others by running a membership model.ย
The membership model concentratesย on staking bankruptcy states to derive advantages such as zero-fee trading. Lamb likewise spoke about deploying a liquidity model that doesnโt favor market makers.
Lamb wants OPNX to focus on tokenized bankruptcy states or Physicalย World Assets (RWA). That will differentiate it from other exchanges that list cryptoย tokens but doย not specialize in any area.
Hereโs what Lamb said:
โ Inย theย end, we want products that werenโt just basically cryptocurrency native cryptoย tokens, where every exchange is in a race to listing the same set of new novel cryptoย tokens. And no exchange has any specialties about them.โ
To Lamb, focusing on RWA gives OPNX value beyond cryptocurrency and speculation, securing its future and ensuring longevity.
Celsiusย Networkย LLC Bankruptcy States To Commence Next Week
Bankruptcy states trading isnโt novel, especially with big entities, but OPNXโs approach appears innovative.ย
Shah pointedย outย that the 2022 cryptocurrency bankruptcies divided creditors into classes opening an over $20 Billion void for OPNX to leverage and build its innovative tokenization technology.
Shah disagrees with critics who say bankruptcy states are not fungible and so are untradeable. โYou can standardize states if you pull the right levers,โ he said.
Onceย more Lamb stated OPNX eliminates the uncertainty of dealing with bankruptcy states, supplying claimants with cryptoย tokens they are already familiar with.ย
The claimants can use these cryptoย tokens to redeem locked funds, which they can trade in the future. OPNX is kicking off its bankruptcy states tokenization with Celsiusย Networkย LLC which stopped withdrawals on June 13, 2022, citing extreme market conditions.
Celsiusย Networkย LLC filed for bankruptcy one 30ย days thereafter, on July 13, 2022, leaving 1.7 Million users stranded with stock funds. Shah stated Celsiusย Networkย LLC states would be ready for tokenization after Memorial Day on May 29.
