Open Exchange tokenizes Celsius bankruptcy claims
Hong Kong, Hong Kong, June 14, 2023, Chainwire
Open Exchange (OPNX) has officially added Celsius claims to its marketplace. OPNX will now accept claims from the Celsius bankruptcy proceedings through its verification and tokenization partner, Heimdall.
A claim holder can tokenize it for trading as a liquid asset. Speculators may buy the claim token, expecting to profit when the bankruptcy is settled.
Crypto bankruptcies
The crypto market crash at the end of 2021 exposed deep cracks in a system that was supposed to be decentralized and trustless. Those fissures became apparent in early 2022 when Terra’s algorithmic stablecoin, LUNA, depegged overnight.
Truly decentralized crypto projects faced falling token prices, but that turned out to be a silver lining compared to some protocols with a human hand on the wheel.
LUNA was just the first domino to fall. As other big names in crypto followed suit, it came to light that many of these institutions counted on each other’s projects to stay afloat. Throughout the year, names like Celsius, Three Arrows Capital, and FTX became infamous in crypto circles.
With over 20 million crypto users out of pocket due to failed blockchain projects, a $20 billion market arose to relieve injured parties.
Instead of waiting for relief that may or may not come through the courts, claimants can trade their claim and unlock immediate liquidity.
Conversely, those willing to wait for the court proceeding can attempt to turn misfortune into a profit by utilizing their claim as collateral to trade crypto futures.
Celsius claims
Claimants can onboard their Celsius claims on the OPNXÂ website.Â
The process involves creating an account and completing KYC verification. Once that is done, the claim details can be submitted for Open Exchange’s partner, Heimdall, to verify.
Finally, the claim will be tokenized and can be traded on the OPNX marketplace.
However, there are several caveats to be aware of. The process is only for an Earn Account Balance, and the claim must be for a minimum of $2,000. Claims can only be submitted by the holder with email and password-enabled access to their Celsius account.
There is a court processing fee of 26 USDT (waived for the first 531 onboarded claimants). Heimdall retains a 5% claim tokenization fee, which can be reduced by up to 80% if paid in OPNX’s native token, OX.
About Open Exchange
Open Exchange (OPNX) is led by CEO Leslie Lamb. It is the world’s first exchange for trading crypto spot, derivatives, and claims on public order books.Â
OPNX was created in response to the failures that led to the 2022 crash, starting with the mission of helping 20 million claimants worldwide unlock their trapped funds from insolvent platforms like Celsius and FTX at fair market prices.
The leadership team is committed to establishing a novel benchmark for a highly transparent and inclusive financial landscape. Their primary focus centers on upholding the fundamental principles underpinning Bitcoin and other cryptocurrencies, which revolve around decentralization and democratizing financial services.
Follow OPNX on social media for more information:
Twitter | LinkedIn | Official website
Contact
CEO
Leslie Lamb
Open Exchange
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