This Wednesday, CoinFLEX’s new CEO, Leslie Lamb, announced his company is officially rebranding into Open Exchange (OPNX). OPNX represents the latest venture of 3AC founders Su Zhu and Kyle Davies, and the reveal comes a day after a Seychelles court approved CoinFLEX’s restructuring plan.

CoinFLEX Rebrands to Open Exchange

On Wednesday, March 8th, Leslie Lamb announced that CoinFLEX will be rebranding into Open Exchange. He also expressed his pride at his new position as the CEO of the exchange adding that he and the new entity’s founders “are committed to applying the lessons of the past year to create a more transparent, accessible, and fair financial world for all”.

Today’s announcement was, in large part, made possible by the Seychelles court decision to approve CoinFLEX’s restructuring plan reached on March 6th. According to Lamb, the development reflects the company’s “unwavering dedication”, as well as the cooperation between the community and stakeholders when it comes to the plan’s implementation:

As the first crypto company to successfully undergo restructuring, this achievement reflects the unwavering dedication of our team, community and stakeholders working together to implement our plan. With this approval, we’re excited to announce that CoinFLEX will be officially rebranding to Open Exchange (OPNX). This stronger financial foundation will enable us to move forward and realize our vision: serving claimants harmed by crypto crises and creating a truly next-gen exchange for all traders. I’m honored to be the CEO of Open Exchange. Alongside my cofounders, we are committed to applying the lessons of the past year to create a more transparent, accessible and fair financial world for all.

What is OPNX?

The plan to create the Open Exchange first saw the light of day in mid-January when Su Zhu and Kyle Davies, the founders of the long-bankrupt Three Arrows Capital, revealed a plan to create an exchange for crypto bankruptcy plans. The revelations quickly attracted attention for several reasons.

The plan was announced under the name “GTX” leading many to point out an obvious reference to the collapsed FTX. A CoinFLEX community post quickly clarified that the name is just a working title and indeed an FTX pun. The proposed exchange also received a somewhat negative reception due to the controversies surrounding Zhu and Davies who are reportedly dodging 3AC-related subpoenas while “shamelessly” promoting their new venture.

Undeterred, Zhu took to Twitter on February 9th to provide more information about “GTX”—by that time officially named the Open Exchange. The Twitter thread revealed that a waitlist for interested customers was opened and explained that the exchange is aiming to become a “next-level CEX” that is to tap into the $20 billion market created by the collapse of various firms from within the cryptocurrency industry.

This article originally appeared on The Tokenist

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