In a significant development, Open Exchange (OPNX) has announced the inclusion of Celsius claims in its marketplace. Collaborating with its verification and tokenization partner, Heimdall, OPNX now accepts claims from the Celsius bankruptcy proceedings.
This new integration allows claim holders to convert their claims into tokenized assets, making them tradable as liquid assets. With this functionality, speculators can purchase claim tokens to reap profits once the bankruptcy settlement is finalized.
The Fall of Crypto and the Rise of Bankruptcies
The cryptocurrency market crash at the end of 2021 exposed vulnerabilities within a supposedly decentralized and trustless system. The cracks became evident in early 2022 when LUNA, Terra’s algorithmic stablecoin, suddenly depegged.
While decentralized crypto projects experienced falling token prices, the situation was even worse for protocols that relied on centralized control. LUNA’s depegging was just the beginning, as other prominent names in the crypto sphere, such as Celsius, Three Arrows Capital, and FTX, encountered similar issues, tarnishing their reputations.
The Birth of a $20 Billion Market
As a result of failed blockchain projects, more than 20 million crypto users found themselves at a loss. In response, a $20 billion market emerged, relieving those affected. Instead of waiting for pending court proceedings, claimants can trade their claims, unlocking immediate liquidity. Conversely, patient individuals can leverage their claims as collateral to trade crypto futures, potentially turning their misfortune into profit.
Onboarding Celsius Claims with OPNX
Claimants can begin onboarding their Celsius claims on the OPNX website. The procedure involves creating an account and undergoing KYC verification. Once completed, claim details are submitted for verification by Heimdall, Open Exchange’s partner.
The claim is tokenized upon successful verification and becomes tradable on the OPNX marketplace.
Important Considerations
It is essential to note some critical aspects of the process. Only Earn Account Balances are eligible for this service, and the minimum claim amount must be $2,000 USD. Additionally, only the claim holder can submit claims with email and password-enabled access to their Celsius account.
A court processing fee of 26 USDT applies (waived for the first 531 onboarded claimants), and Heimdall retains a 5% claim tokenization fee. However, this fee can be reduced by up to 80% if paid in OPNX’s native OX token.
OPNX’s Vision and Leadership
Open Exchange, led by CEO Leslie Lamb and a team of notable figures in the crypto industry, is the world’s first exchange that facilitates trading of crypto spot, derivatives, and claims on public order books. OPNX emerged as a response to the failures that led to the 2022 crash, aiming to help 20 million claimants worldwide regain access to their trapped funds from insolvent platforms like Celsius and FTX at fair market prices.
The leadership team at OPNX is committed to establishing a new standard for a transparent and accessible financial world. They prioritize upholding the core principles on which Bitcoin and other cryptocurrencies were founded, including decentralization and democratizing financial services.
By incorporating Celsius claims into its marketplace, OPNX takes a significant step toward unlocking value and providing a seamless trading experience for claimants.
Source: https://bitcoinworld.co.in/open-exchange-opnx-tokenizes-celsius-bankruptcy-claims-chainwire/