The crypto community is buzzing once again as Three Arrows Capital (3AC) reemerges, this time under a new guise as a venture capital (VC) firm. In an unexpected twist, OPNX, the bankruptcy claims exchange co-founded by CoinFLEX executives and former members of the defunct hedge fund 3AC, announced its partnership with 3AC Ventures. This collaboration aims to invest in projects within the OPNX ecosystem that are driving towards a decentralized future, as stated by OPNX on Twitter.
3AC Ventures: A Focus on Superior Risk-Adjusted Returns
To solidify its presence, 3AC Ventures has launched a website emphasizing its focus on superior risk-adjusted returns without leverage. This new firm aims to redefine investment strategies after the collapse of the 3AC hedge fund, which experienced significant losses during the implosion of Terra’s LUNA stablecoin last year.
OPNX Exchange and the Journey So Far
The OPNX exchange, where users can trade debt claims on bankrupt companies such as FTX and Voyager, went live in April. Among its founders are Kyle Davies and Su Zhu, both veterans of 3AC. However, even during the fundraising round, the exchange faced scrutiny from the crypto community. Notable players like Wintermute distanced themselves from the exchange, then known as GTX.
The rollout of OPNX initially encountered challenges, leading to low trading volumes. However, over time, the volume on the exchange has shown improvement. Despite this, a significant portion of the crypto community remains skeptical about the exchange and its backers.
Crypto Community Reacts to the Partnership
Upon announcing the partnership with 3AC Ventures, the crypto community once again voiced their doubts. Prominent Twitter influencer LilMoonLambo succinctly captured the prevailing sentiment, stating, “holy shit this is a real tweet.” Even Arthur Hayes, the former CEO of BitMEX, joined the Twitter discourse, retweeting Davies’ 3AC Ventures announcement and seeking clarification on the demise of 3AC.
It is worth noting that Su Zhu previously obtained a restraining order against Hayes from a Singapore court, adding another layer of complexity to the situation.
Despite the skepticism, Kyle Davies remains undeterred and is committed to promoting the goals of the new VC firm.
“3AC Ventures aims to provide support for projects that are building for a decentralized future. We are eager to collaborate with those who are courageous enough to tackle significant challenges and create cutting-edge products,” Davies shared with CoinDesk.
OPNX Token (OX) and the Crypto Market Surge
Following the announcement of the partnership, the token for the OPNX exchange, OX, experienced a remarkable surge of over 12% in the past 24 hours. This surge coincided with a broader rally in the crypto market, as bitcoin surpassed the $30,000 mark on Wednesday.
As the crypto community continues to monitor the developments surrounding 3AC Ventures and its partnership with OPNX, the industry eagerly awaits the outcomes of their collaborative efforts.
In conclusion, the resurgence of Three Arrows Capital as 3AC Ventures and its partnership with OPNX have sparked interest within the crypto community. Despite initial skepticism, the OPNX exchange has seen improvements in trading volumes. The reaction from the community has been mixed, with some expressing doubt and others eagerly awaiting the outcomes. The surge in the OPNX token and the overall rally in the crypto market further highlight the market’s response. 3AC Ventures aims to support innovative projects and contribute to a decentralized future. The industry is excited to see the impact of this collaboration and the potential advancements it may bring.