PNCNX Bankruptcy Claim Product To Be Available For Celsius Users in a Week

Open Exchange (OPNX) founder Mark Lamb and CEO of Heimdall, Vishal Shah, disclosed that the bankruptcy claim product would be available to Celsius users in a week. The crypto exchange allows users whose funds are frozen on bankrupt crypto platforms to unlock their assets. 

OPNX was Launched on April 4 to offer spot and derivative trading, including the bankruptcy claim product. But, the firm didn’t disclose a rollout date for the bankruptcy tokenization product at launch. 

Instead, the CEO of Real World Assets tokenization firm Heimdall, Vishal Shah, disclosed that Celsius users could access the bankruptcy tokenization product from May 29. 

OPNX Bankruptcy Tokenization Offerings

OPNX is a Dubai-based exchange founded by Mark Lamb, CEO of a crypto futures exchange CoinFlex, and three others. 

The three other founders include Sudhu Arumugan and founders of failed crypto hedge fund Three Arrows Capital, Su Zhu and Kyle Davies. While describing OPNX’s business strategy, Lamb said he wants to distinguish the exchange from others by running a membership model. 

The membership model focuses on staking bankruptcy claims to derive benefits such as zero-fee trading. Lamb also spoke about deploying a liquidity model that doesn’t favor market makers.

Lamb wants OPNX to focus on tokenized bankruptcy claims or Real World Assets (RWA). That will differentiate it from other exchanges that list tokens but don’t specialize in any area.

Here’s what Lamb said:

“Ultimately, we want products that weren’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.”

To Lamb, focusing on RWA gives OPNX value beyond crypto and speculation, securing its future and ensuring longevity.

Celsius Bankruptcy Claims To Commence Next Week

Bankruptcy claims trading isn’t novel, especially with big entities, but OPNX’s approach appears innovative. 

Shah noted that the 2022 crypto bankruptcies divided creditors into classes opening an over $20 billion void for OPNX to leverage and build its innovative tokenization technology.

Shah disagrees with critics who say bankruptcy claims are not fungible and so are untradeable. “You can standardize claims if you pull the right levers,” he said.

Again Lamb said OPNX eliminates the uncertainty of dealing with bankruptcy claims, providing claimants with tokens they are already familiar with. 

The claimants can use these tokens to redeem locked funds, which they can trade in the future. OPNX is kicking off its bankruptcy claims tokenization with Celsius which suspended withdrawals on June 13, 2022, citing extreme market conditions.

Celsius filed for bankruptcy one month later, on July 13, 2022, leaving 1.7 million users stranded with stock funds. Shah said Celsius claims would be ready for tokenization after Memorial Day on May 29.