OPNX exchange has announced a partnership with 3AC Ventures, a new venture capital fund launched by the founders of Three Arrows Capital. The partnership aims to invest in projects building in the OPNX ecosystem and towards a decentralized future. 3AC Ventures has made it clear that their focus is on superior risk-adjusted returns without leverage.
Three Arrows Capital had filed for bankruptcy in June 2022 due to a series of leveraged trades gone wrong amid a cryptocurrency bear market and exposure to the $40 billion collapse of the Terra Luna ecosystem in May 2022. However, the founders could not be located after the bankruptcy filing, although media activity suggests they spend their time in Dubai and Indonesia. At its peak, Three Arrows Capital reportedly managed $10 billion in assets, but during its bankruptcy, the firm had creditor claims of $3.4 billion.
The launch of OPNX exchange’s native token, OX, on May 31 surpassed a fully diluted market cap of $300 million at the time of publication. While there was little to no trading activity during the first few days, the exchange has since surpassed $30 million in daily average volume.
Overall Impression
The announcement of the partnership between OPNX and 3AC Ventures shows that despite setbacks, the founders of Three Arrows Capital are still interested in investing in the cryptocurrency space and promoting decentralized projects.