“A $20 billion market of claimants is desperately looking for a solution. This list includes FTX, Voyager, Celsius
CEL, Genesis, BlockFi, Mt Gox, and many others. Over 90% of these claimants haven’t even filled in their information yet.”
Reads the opening of Open Exchange’s manifesto.
This new project, a soon-to-launch cryptocurrency exchange site, is targeted at investors who have lost money or have money tied up in frozen or defunct crypto currency exchange platforms.
The avalanche of scams and fraud that has buried the slivers of positivity coming from those outside the crypto community hasn’t been limited to FTX. Assets thought to be stable against the dollar have previously lost value and its clear that many of the blockchain-based finance sites are yet to meet maturity.
Open Exchange is an interesting new addition to the ecosystem, offering ways to trade claims against companies and taking assets that may never recover their value or be accessible again and making them into some new “thing” that people can trade. This is essentially a market of speculation built on top of speculative assets traded locked in failed platforms. We have truly gone down the rabbit hole.
The truly exciting bit about Open Exchange however is its premise, not its reality. Blockchains enable the tracking, storage, ownership and trading of anything digital that put on them. How will putting claims against bankrupt companies pan out? Let’s wait and see.
