Summary:
- Su Zhu and Kyle Davies’s new crypto venture OPNX partners with a firm bearing a similar name to the fallen hedge fund.
- 3AC Ventures will act as the new ecosystem partner of the digital exchanges that hopes to unlock a $20 billion bankruptcy claim market.
- “3AC is dead, long live 3AC Ventures” tweeted Three Arrows Capital co-founder Kyle Davies on Wednesday following the announcement.
Crypto claims exchange OPNX, breathed into life by former Three Arrows Execs Su Zhu and Kyle Davies, has unveiled a new ecosystem partner called 3AC Ventures.
Following the announcement, Kyle Davies who co-founded bankrupt crypto hedge fund Three Arrows Capital or 3AC – not to be confused with the spanking new 3AC Ventures – tweeted “3AC is dead, long live 3AC Ventures”.
OPNX Enters Partnership With 3AC Ventures
The official announcement says the partnership between OPNX and 3AC ventures will pave a clearer path toward decentralization by backing select projects.
The partnership will invest in projects building in the OPNX ecosystem and working towards a decentralized future.
3AC Ventures seems to be a fork of the fallen 3AC entity but with no “leverage, no debt, no fear” this time, Davies replied to a user on Twitter. The firm boasts a business model built around “superior risk-adjusted” returns without the use of leverage, per details from the 3AC Ventures website.
The announcement and support from 3AC’s Davies met with mixed reactions on social media as some users were left baffled by the move. “Here we go again,” one user said while another replied, “Anyone who invests with you at this point deserves what they get”.
Indeed, OPNX has been shrouded in controversy since its launch due to the minds behind the project. The founding members include Su Zhu and Kyle Davies whose crypto hedge fund 3AC crumbled last year following the Terra crash. OPNX also features execs from other troubled crypto ventures like CoinFLEX.