Venture capital firms are distancing themselves from OPNX funding, raising questions about the viability of the company’s growth strategies. Despite promising initial investments, venture capitalists are now expressing concerns about OPNX’s financial performance and overall business model. As a result, OPNX may struggle to secure the funding it needs to meet its expansion goals and sustain long-term success. This development highlights the importance of careful financial planning and management for emerging companies seeking venture capital support.
OPNX Sees Two Venture Capital Firms Distance Themselves from their Funding Round
OPNX, a Hong Kong-based cryptocurrency exchange, revealed that it had secured significant investments from major investors including Token Bay Capital, MIAX Group, China Merchant Bank International, Tuwaiq Limited, Nascent, AppWorks, DRW, and Susquehanna. The exchange added that aside from capital, the investors also provided incredible feedback throughout the development and decision-making processes.
However, two of its investors, Nascent and DRW, distanced themselves from the funding round. DRW, which has funded several crypto projects such as BitGo, TRM Labs, and BitFury, disclosed via a Coindesk report that it did not invest in OPNX. Additionally, Nascent clarified that it only invested in FLEX tokens early in 2021 and did not participate in OPNX’s funding round.
Other investors mentioned by OPNX have not yet responded to inquiries. Meanwhile, trading has been steadily picking up on the exchange, which started off slowly. According to CoinGecko data, the latest 24-hour spot volume on the exchange is $79,742, with Bitcoin and Ethereum trades making up 91% of this volume.
1. Venture Capital Firms Nascent and DRW Disavow Involvement in OPNX Funding Round
2. Investors Respond: Nascent and DRW Distancing Themselves from OPNX Support