Monday, October 2, 2023

Native Token for New Crypto Alternate Launched by 3AC Founders Goes Parabolic After Being Listed on SushiSwap

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An Ethereum-based altcoin has outperformed many of the crypto markets over the past week because the founders of bankrupt hedge fund Three Arrows Capital (3AC) gear as much as launch their very own alternate.

FLEX Coin (FLEX) is the native token of CoinFLEX, a crypto alternate that has lately undergone restructuring and is ready to have its belongings acquired by OPNX, an alternate launched by 3AC founders Su Zhu and Kyle Davies.

OPNX goals to be the primary crypto alternate that permits for the buying and selling of chapter claims whereas additionally offering commonplace spot and futures buying and selling merchandise.

Says OPNX’s web site,

“Over $20B of claims are trapped within the chapter proceedings of FTX, Voyager, Celsius, Genesis, BlockFi, Hodlnaut, Mt Gox, 3AC, and different corporations.

As a result of complexity and stress of the state of affairs, over 90% of these affected have but to register their claims. Settlements are prone to take a few years and, in lots of circumstances, will not be paid out. In consequence, most have given up hope of recovering their losses.

OPNX solves this by offering a public market for buying and selling claims and crypto. It permits people and organizations to simply register their claims, promote them straight into crypto on orderbooks, or use their declare as portfolio margin. This permits claimants to effectively unlock billions of {dollars} of trapped capital.”

As OPNX is ready to amass CoinFLEX’s belongings, FLEX token has been slated to be the brand new native crypto asset for OPNX when it launches. On March twenty sixth, FLEX was listed on SushiSwap, one of many greatest decentralized exchanges (DEXes) on Ethereum.

Instantly after the itemizing, FLEX erupted practically 60% from $1.94 to $3.10 in a matter of hours. During the last week, FLEX is up 76%, presently buying and selling for $2.68 at time of writing.

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