A new venture spearheaded by the founders of bankrupt crypto hedge fund Three Arrows Capital (3AC) has officially opened for business.

Open Exchange, or OPNX, went live on Tuesday, offering spot and futures trading of cryptocurrencies like Bitcoin and Ethereum. OPNX also plans to facilitate claims trading for users affected by the bankruptcies of crypto trading platforms, including FTX and Celsius.

“We’re here building OPNX because we want to help the industry,” said the crypto exchange’s CEO Leslie Lamb, in a message posted to Twitter.

“Right now, there are over 20 million claimants worldwide for FTX, Celsius, and other platforms that are stuck waiting years just to access their funds, and we think they deserve better. So, claims trading will be the next thing that we launch, so that these claimants can have an opportunity to be made whole,” she added.

OPNX was founded by 3AC founders Kyle Davies and Su Zhu, in partnership with CoinFLEX founders Mark Lamb and Sudhu Arumugam. Last month, Davies confirmed that the venture had successfully raised $25 million from investors. 

CoinFLEX’s FLEX token will be used as OPNX’s native token, giving FLEX holders a 50% discount on trading fees. FLEX traded 7% higher following the announcement. 

3AC declared bankruptcy in July 2022 and its liquidators have since struggled to establish contact with Davies and Zhu, eventually resorting to Twitter to deliver subpoenas to the firm’s founders.

Not long after the collapse of 3AC, CoinFLEX halted withdrawals citing “extreme market conditions” and filed for restructuring. Market participants were quick to highlight the irony involved in this new venture being launched by the founders of platforms that can hardly be labeled a success. Still, Davies and Zhu appeared unfazed when responding to their critics on Twitter.