OPNX co-founder Mark Lamb and Vishal Shah, the CEO of partnering firm Heimdall, confirmed its bankruptcy tokenization product would open for Celsius users in a week.
The exchange allows users with funds frozen on defunct crypto platforms to unlock their underlying value.
OPNX went live on April 4, offering spot and derivative trading. However, its main bankruptcy claim product was not given a rollout date.
As confirmed by Shah, the bankruptcy claim product will open for Celsius users from about May 29.
OPNX focused on the long term
In clarifying OPNX’s strategy, Lamb said he wants the exchange to be distinct from others by operating a membership model based on staking bankruptcy claims to derive benefits such as zero-fee trading.
In addition, he spoke about employing a liquidity model that did not favor market makers and having OPNX specialize in tokenized bankruptcy claims or Real World Assets (RWA) – offering differentiation from other exchanges that list the same tokens and are not specialists in any one area.
“ultimately [we] want products that aren’t just basically crypto native tokens, where every exchange is in a race to listing the same set of new novel tokens. And no exchange has any specialties about them.”
Lamb said focusing on RWA gives fundamental value outside of crypto and speculation, ensuring longevity well into the future.
Celsius bankruptcy claims open in a week
Trading bankruptcy claims is not a new phenomenon, particularly among well-resourced entities. However, Shah explained that the crypto bankrupcies of 2022 led to a “fragmentation of creditor class,” opening a $20 billion gap for OPNX to innovate using the disruptive potential of tokenization technology.
He played down criticism that bankruptcy claims are not fungible and, therefore, untradable, saying, “If you pull the right levers,” you can standardize claims.
Lamb added that OPNX takes away the uncertainty of dealing with bankruptcy claims, giving claimants tokens, which they are already familiar with, to recoup locked funds or use for futures trading if they so choose.
Shah said Celsius claims would be ready for tokenization soon after Memorial Day, which falls on May 29.
Celsius paused withdrawals on June 13, 2022, citing “extreme market conditions. The firm filed for bankruptcy on July 13, 2022, leaving 1.7 million customers stranded.
The post OPNX opening its bankruptcy claims product for Celsius users soon appeared first on CryptoSlate.
