FTX or Celsius Claims Can Now Be Traded on Open Exchange (OPNX)

In accordance with a press release, users who had assets on the defunct crypto exchange FTX and lender Celsius Network can now swap their claims on the Open Exchange (OPNX).

FTX or Celsius Claims Can Now Be Traded on Open Exchange (OPNX)

Customers were owed up to $8 billion by FTX when the company collapsed in November, which resulted in a general decline in the value of cryptocurrencies. According to its bankruptcy petition, Celsius owes its clients somewhere around $4.7 billion.

Claims in Bankruptcy may Take Some Time to Resolve

Folkvang, a trading company registered in the Cayman Islands, informed CoinDesk in February that it anticipates the FTX suit, which eliminated half of its trading equity, to take up to eight years to resolve. By cashing in their claim on OPNX, users can avoid the line. On OPNX’s rival Claims Market, claims are now selling for about $0.30 per dollar.

With claim tokenization, we are offering customers immediate liquidity, the chance to regain control over their funds, and participate in market opportunities once again,

OPNX Founder Mark Lamb

What Does It Mean to Sell a Claim?

Users will earn the native tokens of the platform, reborn OX (reOX), or the platform’s profit-and-loss currency, oUSD, when they sell their claim. On OPNX, the tokens can be used as trading collateral.