During a Twitter Space session on July 3rd, Kyle Davies, the co-founder of Three Arrows Capital, a bankrupt lending platform, pledged to “gift” a portion of the income from the Open Exchange (OPNX) platform to the creditors of 3AC as part of a debt repayment plan and to “make amends” for what has transpired.
The co-founder also affirmed that the income from OPNX would enable him and Zhu Su to compensate the creditors of 3AC, but with the condition that they must show early support for OPNX. Currently, 3AC has fully repaid the debt to some creditors.
When asked about OPNX, Kyle Davies affirmed that the creditors would only benefit, not suffer, from this new project.
Since its launch, OPNX has faced mixed reactions from the community. Some believe that the founders of 3AC are building a new business project as an excuse to avoid responsibility for the collapse of 3AC.
Su Zhu and Kyle Davies remain confident in their plan. Unlike other traditional exchanges, OPNX will be a platform where users can trade claims on assets from crypto companies that went bankrupt in 2022, such as FTX, Genesis, Celsius, Voyager, BlockFi, and even 3AC itself.
Prior to that, OPNX has launched a new governance token called “Open Exchange token” (OX), designed to reduce transaction fees on the platform.
Later on, the exchange announced a strategic partnership with a new fund called 3AC Ventures, which many believe is also founded by Zhu Su and Kyle Davies.