The venture capital fund will focus on “superior risk-adjusted returns without leverage.”
After 3 Arrows Capital failed, its owners Su Zhu and Kyle Davies waited for a while before announcing OPNX, a new cryptocurrency platform.
Even though there was almost no trading at all at first, it seems that some people have chosen to put their money in a company whose founders had already failed at their first big business. At the moment, more than $34 million is traded every day on OPNX.
Profiting from past failures
It didn’t take long for the controversial trade to get in trouble for doing something that wasn’t allowed. But regulators and people in the crypto world don’t seem to have been heard when they complained.
Since then, the leaders of 3AC have been taking on bigger and bigger projects. Last week, OPNX said that it would tokenize Celsius bankruptcy claims as a way to help the people who had claims with Celsius.
Even though it might seem strange for the bankrupt owners of one crypto platform to try to help the investors of another bankrupt crypto platform, Zhu and Davies have moved on to a new venture capital fund.
No Leverage
Yesterday, OPNX announced the launch of 3AC Ventures, a “brand new” venture capital fund.
The crypto community laughed at the news, which makes sense. One user pointed out that at least the pair had learned where they went wrong last time.
The website for “3AC Ventures” (not to be confused with the failed hedge fund called “3AC”) says that it can offer “superior risk-adjusted returns without leverage” and asks potential investors to email them for more information. This is likely to stop unwanted solicitation, like questions about the founders’ previous fund.
Even though OPNX has managed to avoid the justifiedly angry crowds and gain steam, it remains to be seen if interested parties will make offers to the investment fund at 3AC Ventures.
In any case, people in the community seem to be laughing about the news. Some have even suggested a new CEO who could make people trust the newly created investment fund.
— George ☀️ Step Finance (@George_harrap) June 21, 2023
In the meantime, the case about the first 3AC fund is still going on in court, and Kyle Davies could be put in contempt of court for not helping to recover assets.
