OPNX, a specialized exchange for trading bankruptcy claims of collapsed cryptocurrency firms, has recently added FTX and Celsius claims to its platform.
In an announcement made on July 14, it was revealed that FTX claims can be instantly onboarded and converted into collateral in the form of OPNX’s native reborn OX (reOX) tokens or oUSD, the platform’s credit currency.
This allows users to engage in cryptocurrency futures trading using reOX as collateral.
The tokenization of the claims and the onboarding process are facilitated through a partnership with Heimdall, which also handles user verification.
The developers at OPNX explained the conversion process:”At the outset, claims will be converted into reOX tokens with a bonus of 100% of the market price, gradually reducing to 0% over a period of 50 weeks.
This means that during the first week, users will receive double the market price for their FTX claim.”
To illustrate this, OPNX provided an example: Suppose a user holds an FTX claim worth $1 million with a claim price of 30 cents on the dollar.
They would receive $600,000 worth of reOX claim amounts in return.
If a user’s claim is determined to have preference, an equivalent dollar value of the issued reOX tokens will be reclaimed from the user.
READ MORE: Worldcoin’s World ID Project Surpasses 2 Million Users
The claims are transferred and securely stored in a separate trust.
OPNX was established earlier this year by Kyle Davies and Zhu Su, who are the co-founders of Three Arrows Capital, a bankrupt Singaporean hedge fund also known as 3AC.
On its first day of operation, OPNX recorded a modest total trading volume of $13.64.
However, by late June, the daily exchange volume had surpassed an impressive $30 million.
In May, Cointelegraph reported that the United States Internal Revenue Service is seeking $44 billion in unpaid taxes from FTX’s bankruptcy proceedings.
Similarly, on July 13, the U.S. Federal Trade Commission imposed a $4.7 billion fine on Celsius, with the judgment currently suspended.
OPNX’s listing of FTX and Celsius claims demonstrates its commitment to providing a platform for trading these bankruptcy claims in a secure and transparent manner.
With its tokenization process and collaboration with Heimdall, the exchange aims to offer users a convenient and efficient way to convert and trade their claims.
The growing trading volume on OPNX indicates the increasing interest and participation of users in this unique market.
Other Stories:
Ripple’s XRP Victory Against SEC: A Blow to Regulator’s ‘War on Crypto’
Monochrome Asset Management Proposes Bitcoin ETF on ASX
OpenAI Faces FTC Investigation Over Privacy and Data Practices
