Popular crypto exchange, OPNX has completed its $25 million funding round. In a Twitter post, the exchange founded by Su Zhu and Kyle Davies announced the details of the funding. According to OPNX, the funding round saw participation from AppWorks, SIG, DRW VC, MIAX Group, China Merchant Bank International, Token Bay Capital, Nascent and Tuwaiq Limited.
Apart from financial investment, the investors also offered remarkable feedback when OPNX was refining its vision, product offerings, legal mechanism, tokenomics and many more. The exchange describes the investors as worthwhile partners who believe in its potential and aspiration. It is worth mentioning that OPNX seeks to avail best trading spot and future offerings to its users. Although, as of the time of writing, the exchange is not accessible to users in the U.S and Canada.
Launching of OPNX in early April
Recall that the platform, otherwise known as Open Exchange was launched in early April. Its founders, Kyle Davies and Su Zhu owned the struggling crypto hedge fund, identified as 3AC. After its launch, the CEO, Lamb explained the idea behind the creation of the OPNX project. Xyz said the exchange came into the limelight to aid the industry.
The CEO lamented that there are currently more than 20 million claimants across the globe for FTX and other platforms. Lamb said these claimants are avoidably stranded after waiting for years to access their assets. According to the CEO, they deserve better, reiterating the commitment of OPNX to develop claims trading for the affected firms. Worthy of note that these claims are tokens which represent the assets of users that are stuck in bankrupt crypto firms. With the launch of claim trading, affected users will now be able to trade their stuck assets on the exchange.
Although since its launch, the crypto exchange failed to win the attention of users in the industry. According to findings, OPNX records less than $50 trading volume on most pairs per day. While pairs like ETH/USDT are struggling to record trading transactions. Barely a day after its launch, its native token, FLEX plummeted by 13% after Twitter suspended the account of the project. The social networking site also took down the introductory post of the OPNX CEO hours after it was relayed.