Zhu Su Debuts new Crypto Venture, ‘Open Exchange’
- 3AC co-founder Zhu Su has finally confirmed his new crypto venture, dubbed earlier as “GTX,” called “Open Exchange.”
- This new venture will be a crypto exchange focused on helping those who suffered during the 2022 crypto market collapse.
- Open Exchange has been described as “the world’s first public marketplace for crypto claims trading and derivatives.”
- The new crypto exchange has been spearheaded by Zhu Su and Mark Lamb, the founder and CEO of CoinFLEX.
Zhu Su, the co-founder of crypto venture capital firm Three Arrows Capital (3AC), has finally confirmed his new crypto venture, called “Open Exchange,” which has received huge criticism from the crypto community after failing to revive his previous venture and causing significant losses to investors as well as other crypto firms across the globe in 2022. Interestingly, this new venture will be a crypto exchange focused on helping those who suffered during the 2022 crypto market collapse.
Open Exchange has been described as “the world’s first public marketplace for crypto claims trading and derivatives,” and it plans to “become the world’s most radically transparent CEX.”
It is crucial to note that the new crypto exchange has been spearheaded by Zhu Su and Mark Lamb, the founder and CEO of CoinFLEX, “a multifunctional platform that combines the mechanics of a universal crypto wallet with an adaptive investment portfolio with advanced options for passive earnings.”
Open Exchange will allow investors to recover from the 2022 crypto market collapse and allow harmed creditors and bankrupt crypto firms to trade on their claims. However, the crypto community on the social media platform Twitter was not exactly enthusiastic about the idea. Furthermore, it is crucial to note that Zhu Su claims that the exchange has been created from “all the pain/lessons” learned from the 2022 crypto collapse.
“June/July was total darkness for me, Kyle & our creditors after our bet on accelerating crypto adoption proved fatally wrong. We were crushed by the collapse of the market & the way our misplaced conviction had contributed to the pain. It was a dark period and we were not perfect in how we handled the fallout, but we were determined to do all we could,” Zhu said in a series of Twitter posts.
Zhu Su stated that he connected with Lamb during this period of “darkness” adding that “he had a different story. He was a visionary, spending years building what he considered to be the ideal combo of cefi + defi.” Interestingly, as per earlier reports, Lamb’s firm CoinFLEX went bankrupt in 2022 after Bitcoin Jesus Roger Ver defaulted on a loan given by the crypto trading platform.
As earlier reported by BitcoinWisdom, CoinFLEX has announced a 60% reduction in its workforce due to global macroeconomic conditions. It also filed for a restructuring process in a Seychelles court and aims to resolve the company’s financial crunch after recently cutting its expenses by 50–60%.
Zhu Su’s Open Exchange was dubbed “GTX” prior to its launch, and now the waitlist is officially open. It will use CoinFlex’s existing token, FLEX, as its own primary token and aim to combine the user interface of Cefi exchanges with the trustlessness of DeFi exchanges.
Interestingly, the crypto community expressed their dissatisfaction with the crypto entrepreneur’s new venture. Popular on-chain detective ZachXBT replied to Su’s post, “I hope the rest of 2023 is worse for you.” Moreover, BlockTower founder Ari Paul added that the crypto exchange most likely won’t work and will be misunderstood by users since bankruptcy claims are non-fungible and therefore not easily traded.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
