Three Arrows Capital's KyleLDavies speaks with CoinDesk about OPNX_Official, his new crypto bankruptcy exchange. Is the world ready for his second act after his hedge fund's spectacular collapse? oknightcrypto reports
Don't miss "FTX: What Happened" with the former president of FTX's U.S. arm and Anthony Scaramucci.Less than a year after Three Arrows Capital imploded along with $2.5 billion of clients' money, the hedge fund's founders, Su Zhu and Kyle Davies, are back with a new cryptocurrency exchange where people can trade bankruptcy claims – a hot area given all the distress in the industry., garnering wry smiles and smirks.
That moment came earlier this month, when Davies spoke to CoinDesk from an office in Dubai – another place with loose extradition laws with the U.S. – about the launch of OPNX.For all of the issues that spurred FTX's demise, Sam Bankman-Fried's exchange offered a series of features that made it stand out from the crowd. Portfolio margin revitalized crypto derivatives trading following the uninspiring user experience that came from the likes of BitMEX.
The SPV will then be added to a tranche of related bankruptcy claims that will create liquidity on an order book. One of the issues that ultimately plagued FTX was having its sister company, Alameda Research, be the market maker for various trading pairs. This not only created a conflict of interest, but also led to Alameda having unlimited risk parameters, which eventually caused a deficit in liquid assets against liabilities.
and it has adopted several features that helped FTX become a market leader. Whether investors will put their trust into Davies and Zhu remains to be seen.Starting a crypto exchange in the current market dynamic is certainly a risk. Macro headwinds and an emerging banking crisis has the potential to put a dent in this year's crypto rout, but OPNX plans to roll out a series of phases that will include tokenizing other assets like real estate and equities.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Power Book II’ Sets Opening Weekend Ratings Record for StarzSeason three of the drama debuts with nearly 6 million cross-platform viewers over three days.
Read more »
3AC co-founder can answer subpoena or 'take his chances' — US judgeKyle Davies, the co-founder of bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC), has been ordered to comply with a subpoena issued to him via Twitter in January, or risk being held in contempt of court.
Read more »
Pennsylvania city No. 3 ‘Allergy Capital’ in U.S.: reportA city in Pennsylvania is the third word in the U.S. for people with allergies.
Read more »
FTX Bankruptcy Estate to Claw Back $460M From Modulo CapitalAlameda Research seeded little-known Bahamas-based hedge fund Modulo Capital with $475 million in 2022. The recovery includes $404 million in cash.
Read more »
Haleem Vendors Fill the Streets of This South Indian Capital Every Night of RamadanAt its best, haleem is an amalgamation of sensations and flavors — gamey mutton, subtly aromatic rose petals, punchy spices, slick ghee, generous fixings like caramlized onions — all delivered in a caloric, easily digestible bowl
Read more »