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Zhu Su and Kyle Davies, the founders of bankrupt hedge fund Three Arrows Capital, last month teamed with the co-founders of troubled crypto exchange CoinFLEX to create Open Exchange, calling it the "world's first public market place for crypto claims trading and derivatives."

The exchange, abbreviated to OPNX, will feature zero-proof audits for user balances and a portfolio margin feature that was pioneered by FTX, OPNX CEO Leslie Lamb said Thursday morning on a Twitter Spaces discussion. Users will also be able to use bankruptcy claims as margin as well as selling them on a public order book, Lamb added.

FLEX, the native token of CoinFLEX, which recently received approval from the Seychelles court for a restructuring plan, is currently trading at $1.75 after rising by 0.78% in the past 24 hours.

Su and Davies' journey as a pair of well-regarded crypto fund managers came to a head during last year's market crash when their Three Arrows Capital's long-only strategy backfired following the $60 billion collapse of the Terra ecosystem. The fund was then liquidated, prompting market contagion that spread to almost all crypto lenders.

The OPNX platform will allow investors to purchase bankruptcy claims across the crypto market that may mature over the coming years. FTX claims, for instance, are currently trading at around 20 cents on the dollar on over-the-counter (OTC) markets.

Open Exchange was launched in February as a platform for trading what it says is a $20 billion market for crypto-related bankruptcy claims.