Open Exchange Expands Marketplace to Include FTX Claims

Open Exchange (OPNX), a new crypto derivatives and claims trading marketplace, has expanded its platform to include FTX claims.

This move is set to provide holders of FTX bankruptcy claims with the opportunity to unlock their locked liquidity by selling the claims or turning them into collateral to trade crypto futures, Open Exchange said in a Friday (July 14) press release.

This offering is designed to provide a solution for individuals who have locked liquidity due to the FTX bankruptcy proceedings, according to the release. While OTC markets can enable some to liquidate their claims, their legal and intermediary fees limit this solution to large creditors.

“By launching FTX claims, OPNX aims to address this issue,” the company said in the release. “The exchange will provide a platform for users with FTX claims of any size (no minimum) to access their locked liquidity by turning said claims into collateral for margin trading.”

Claims will initially be converted into Reborn OX (reOX) tokens that will be locked until preference for a claim is settled, according to the release. On top of that, the first 531 claimants will also be awarded two months of free trading and attain VIP 6 (highest level) trading status for six months.

Users will also be able to trade their claims into oUSD and use that as collateral to trade on OPNX, the release said.

FTX is the latest addition to the OPNX claims trading platform that is designed to provide a solution for creditors who have been impacted by the bankruptcies in the crypto industry that have caused 20 million users to lose access to $20 billion worth of crypto assets, per the release. These users are now locked in bankruptcy proceedings.

“This is where OPNX steps in,” the company said in the release. “The platform will act as an exchange for crypto bankruptcy claims. Here, holders of bankruptcy claims from insolvent crypto exchanges will have their claims tokenized, allowing them to turn the claims into collateral to trade perpetual products on the platform.”

It was reported in March that FTX had a “massive shortfall” of “highly commingled assets” representing over $8.6 billion in total liabilities across all customer wallets and enterprise accounts.