Su Zhu and Kyle Davies, the two founders of the bankrupt crypto hedge fund Three Arrows Capital (3AC), have completed a funding round for their new OPNX exchange and will acquire remaining assets from the troubled exchange CoinFLEX.

The news that fundraising for the new exchange has been completed was shared in a Twitter thread by popular community member and DeFi researcher Ignas, who said Kyle Davies had reached out to him and confirmed the news.

The exchange is said to have raised $25m, but Kyle Davies reportedly declined to say who the investors are.

In his Twitter thread, Ignas also confirmed that OPNX – or Open Exchange – will acquire all of CoinFLEX’s assets, and that this includes “people, tech, and tokens.” He added that FLEX will be the new exchange’s own token.