3AC Ventures to fund OPNX development
OPNX, a cryptocurrency platform, has announced a partnership with 3AC Ventures, a newly established venture capital fund.
The announcement was made public via a tweet from OPNX, expressing its excitement about the collaboration and their shared vision for a decentralized future.
The founders of 3AC Ventures, Su Zhu and Kyle Davies, are no strangers to the crypto world. They were previously associated with 3 Arrows Capital, a fund that imploded.
After a brief hiatus, they returned to the scene with the launch of OPNX. Despite initial skepticism and low trading volumes, the platform has managed to gain traction, with daily trading volumes now exceeding $34 million.
The founders’ journey hasn’t been without controversy. Their previous venture, 3 Arrows Capital, faced regulatory scrutiny for conducting unregulated activities.
However, this didn’t deter Zhu and Davies from pursuing more ambitious projects. Recently, OPNX announced plans to tokenize Celsius bankruptcy claims, an initiative aimed at assisting Celsius claimants.
The launch of 3AC Ventures marks the latest endeavor by Zhu and Davies.
The venture capital fund, distinct from the now-defunct hedge fund 3AC, promises “superior risk-adjusted returns without leverage.” This announcement was met with mixed reactions from the crypto community, with some expressing skepticism given the founders’ past ventures.
Despite the challenges, OPNX has managed to navigate the crypto landscape and build momentum. However, it remains to be seen whether 3AC Ventures will attract interest from potential investors.
Meanwhile, legal proceedings related to the first 3AC fund continue, with Davies potentially facing contempt of court charges for failing to assist in asset recovery.
As the partnership between OPNX and 3AC Ventures unfolds, it will be interesting to see how they navigate the complexities of the crypto ecosystem and work towards their shared vision of a decentralized future.