Three Arrows Capital (3AC) is making a headline-grabbing return to the crypto community, not as a hedge fund, but as a venture capital (VC) firm. The bankruptcy claims exchange, OPNX, which was co-founded by CoinFLEX executives and two individuals formerly associated with the now-defunct 3AC, announced its partnership with the new 3AC Ventures. The collaboration focuses on “investing in projects building in the OPNX ecosystem and working toward a decentralized future.”
This comes as a surprise for many, particularly given the collapse of 3AC last year after suffering immense losses due to the implosion of Terra’s LUNA stablecoin. Nevertheless, the rebranded 3AC Ventures emphasizes that it will prioritize “superior risk-adjusted returns without leverage.”
The new exchange, OPNX, allows users to trade debt claims on bankrupt companies such as FTX and Voyager. It was launched in April and involves 3AC veterans Kyle Davies and Su Zhu as founders. Even though the exchange’s rollout initially experienced low volume, trading has since picked up. However, a significant portion of the crypto community remains skeptical, given the circumstances surrounding 3AC’s previous shutdown.
This air of doubt only intensified with the announcement of the partnership between OPNX and the newly minted 3AC Ventures. Twitter influencer LilMoonLambo captured the sentiment by expressing disbelief at the news. Even the former CEO of crypto exchange BitMEX, Arthur Hayes, weighed in, retweeting Davies’ announcement and demanding answers about the reasons behind 3AC’s demise. This skepticism is noteworthy, considering the legal history between Su Zhu and Hayes, with Zhu obtaining a restraining order against Hayes in a Singapore court.
Despite the hesitancy of some individuals, Davies remains undeterred, focusing on promoting 3AC Ventures’ objective of supporting projects aimed at developing a decentralized future. The firm is eager to collaborate with projects that possess the determination to tackle the most significant challenges and create innovative products.
Following the partnership announcement, the token for the OPNX exchange, OX, experienced an over 12% increase in the last 24 hours. Additionally, the overall crypto market rallied as bitcoin traded above $30,000 on Wednesday. While the entry of 3AC Ventures into the crypto community may bring with it a sense of skepticism, it signals ongoing development and potential future growth in the blockchain ecosystem.
Source: Coindesk
