CoinFlex Rebrands to OPNX After Tapping Court’s Approval

CoinFlex crypto exchange has rebranded into Open Exchange (OPNX) after getting court approval for its restructuring plan. The new exchange would be headed by Leslie Lamb as the new CEO, according to the announcement.

Leslie made the announcement on her LinkedIn page, stating that she is honored to work alongside other Co-founders of the firm. In addition, she said the management is dedicated to using the knowledge gained from the previous year to build a more accessible, and equitable financial system for everyone.

Furthermore, she highlighted that CoinFlex is the first crypto firm to successfully undergo restructuring. According to her, the new firm has the vision of serving investors affected by the crypto crisis and creating a next-generational exchange for all traders.

According to her profile, Leslie has a wide range of professional experience. She was the Chief Marketing Officer of CoinFlex, the Head of Institutional Sales at Amber Group, and a partner at 21 Landmark Capital.

CoinFlex announced in a blog post on Monday that its restructuring plan had been approved by the Seychelles courts. However, the initial restructuring proposal from CoinFlex made no mention of OPNX or plans to rebrand.

CoinFlex’s Restructuring Plan

After months of withdrawal halts on the platform due to a crypto whale’s account going into negative equity, CoinFlex formally announced a restructuring plan and its impending course of action. The exchange claimed that it chose to restructure in order to stay afloat and repay investors’ money that was still held in its platform.

According to the proposal, creditors will hold 65% of the company and the CoinFlex team will receive 15% of the company’s remaining shares. Additionally, Investors in the Series B round will keep their interests in the reorganized business, whereas investors in the Series A round were wiped out.

Furthermore, CoinFlex requested authorization to provide the platform’s own FLEX coin to uneasy clients who were requesting their money. Because most users are expected to withdraw their money in a variety of digital currencies, it appeared that this idea would fail. However, CoinFlex received tremendous support from its creditors following its decision to restructure.