Open Exchange (OPNX) Tokenizes Celsius Bankruptcy Claims
Hong Kong, Hong Kong, June 14th, 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.
Holders of a claim can have it turned into a tokenized asset, allowing it to be traded as a liquid asset. Speculators may then buy the claim token in the hopes of reaping a profit down the road when the bankruptcy is settled.
Crypto bankruptcies
The crash of the crypto market at the end of 2021 exposed deep cracks in a system that was supposed to be decentralized and trustless. Those cracks started to become 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 of the protocols that had a human hand on the wheel.
LUNA was just the first domino to fall, though. 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 give injured parties some relief. 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 OPNX website. 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 USD. Claims can only be submitted by the claim holder who must have 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) and Heimdall retains a 5% claim tokenization fee, which can be reduced by up to 80% if it is paid in OPNX’s native OX token.
About Open Exchange (OPNX)
Open Exchange is led by CEO, Leslie Lamb, alongside several other notable figures in the crypto industry. OPNX is the world’s first exchange for trading crypto spot, derivatives, and claims on public orderbooks.
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. Its leadership team is dedicated to creating a new standard for a radically transparent and accessible financial world, with a focus on upholding the tenants Bitcoin and other cryptocurrencies were created – around decentralization and democratizing financial services.
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