Zhu Su, one of the co-founders of Three Arrows Capital, a hedge fund that collapsed in the aftermath of the LUNA crash, revealed in a Twitter thread this Thursday that the waitlist for his new Open Exchange is now open. The exchange, previously known under the placeholder name “GTX” is trying to position itself as the first exchange to enable trading claims for bankrupt digital asset companies.

Exchange Formerly Known as “GTX” Opens a Waitlist

In a lengthy Twitter thread, Zhu Su, one of the co-founders of Three Arrows Capital, revealed that his new exchange—dubbed the Open Exchange—is opening a waitlist in an effort to onboard clients. in the same thread, Su revealed that the venture is the result of lengthy discussions between him, Kyle Davies, and the CEO of Coinflex, Mark Lamb.

Zhu explained that the Open Exchange would try to become a “next level cex” aimed at helping investors and building a safer future. He also revealed that FLEX will be the official token of the exchange. The announcement caused the cryptocurrency to rise by as much as 8% at one point though the price remained somewhat volatile in the aftermath of the reveal.

The plan to create the exchange was initially revealed in mid-January and the project was at the time known as “GTX”. The name, later clarified to be a placeholder, immediately drew the attention and ridicule of the crypto community due to its obvious allusion to the recently-bankrupt FTX.

What is the Open Exchange?

The exchange is currently positioning itself as a place for claimants who are “desperately looking for a solution” as their funds got trapped after various cryptocurrency firms went bankrupt. According to the company’s website, they are trying to tap into a $20 billion market created when the likes of FTX, Voyager, Celsius, Genesis, BlockFi, Mt Gox, 3AC, and many others collapsed.

A $20 billion market of claimants is desperately looking for a solution. This list includes FTX, Voyager, Celsius, Genesis, BlockFi, Mt Gox, and many others. Over 90% of these claimants haven’t even filled in their information yet. The need was clear: a streamlined claims onboarding process and a public marketplace for claims trading, unlocking billions of dollars of trapped capital and giving users a chance to rebuild. Open Exchange is a solution and home for those harmed by crypto crises. Allowing claimants to immediately unlock the value of their claims, either trading them into crypto or using them as margin collateral.

The mention of 3AC on the website is also interesting as it offers an answer to a question many of the more cynical members of the community have asked upon the initial announcement—will users be able to trade claims related to Three Arrows Capital, the bankrupt company co-founded by Open Exchange’s co-founders Zhu Su and Kyle Davies.

Zhu laid out the roadmap for the exchange as starting with the trading of bankruptcy claims before expanding to decentralized custody and ultimately offering stocks and “innovative products”. He added that the vision is “unlocking trapped claims, radical transparency” and called it “the best of defi and cefi combined”.

Today’s announcement wasn’t received particularly warmly by the community on Twitter with some notable members wishing Zhu a very bad 2023, and others pleading for him to “just stop”. The launch of the Open Exchange has been mired in controversy since the initial announcement of the plans for “GTX”.

As recently as February 8th, liquidators in the 3AC bankruptcy stated that Zhu and Davies showed “no compliance whatsoever”. Furthermore, they were accused of “shamelessly promoting their new venture—the Open Exchange—while dodging subpoenas.

This article originally appeared on The Tokenist

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