OPNX Announces New Investors

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Last Updated on April 22, 2023 by Bitfinsider

OPNX, the cryptocurrency exchange formed by Su Zhu and Kyle Davies after their hedge firm Three Arrows Capital (3AC) failed, has exposed the identity of its investors for the first time.

According to a Twitter thread, the startup’s supporters include Taiwanese venture capital firm AppWorks, high-frequency trading firm Susquehanna, and the VC arm of trading firm DRW. MIAX Group, a U.S. equities options exchange; China Merchant Bank’s Hong Kong unit; Token Bay Capital, a Hong Kong investment fund; Nascent, a venture capital company; and Tuwaiq, a Saudi Arabian digital asset fund, are among the other investors disclosed.

Following the publishing of OPNX’s tweets, DRW, Susquehanna, Nascent, and MIAX all denied any participation in the fundraiser, with Nascent claiming to have acquired the exchange’s flex tokens.

While financial details were not published, Zhu told the Wall Street Journal in February that OPNX had raised around $25 million for the project.

The new exchange declared its presence in Hong Kong today.

The exchange stated that OPNX’s investors “contributed not only capital, but also incredible feedback throughout the process of refining our vision, product offerings, tokenomics, legal framework, and decision to relocate to HK.” “It was their joint commitment to helping the industry that made OPNX possible.”

In its first 24 hours, OPNX saw just $13.64 in activity across both spot and perpetual derivatives trading.

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