Mark Karpeles, the former Mt. Gox CEO, is reportedly ready to launch his new cryptocurrency exchange, EllipX, this month in Europe. The exchange will have headquarters in Poland and is crafted with a strong focus on transparency and user-friendliness. Karpeles has said that he aspires the transparency level of EllipX can set a new benchmark in the industry, news sources suggest.
A New Standard in the Industry
Mark Karpeles, the previous Mt. Gox CEO, allegedly talked about his new venture in an interview at the Korea Blockchain Week event in Seoul. EllipX, the new platform, is poised to bring transparency to users, especially for the ones who are new to the cryptocurrency arena. Karpeles added that while many top exchanges are broadly recognized, the smaller exchanges still lack visibility.
According to news sources, Karpeles has a plan to enforce a structure for EllipX similar to that of the New York Stock Exchange but specialized for the crypto market. This comprises isolating the trading functions from the brokerage and storage functions. “Typically, an exchange today is doing both the broker side dealing with customers and the matching side and the storage side, storing crypto and fiat,” said Karpeles. This separation is expected to enhance transparency and operational efficiency.
The ex-Mt. Gox CEO stressed that EllipX will offer technical data to users and run third-party audits of its different legs to keep the promise of transparency, as reported. Karpeles aspires that by setting a high example for transparency, other exchanges will prefer to go down the same road. “So by creating this kind of transparency and this kind of environment, other exchanges are hopefully likely to follow,” said Karpeles. He believes that transparency should become a regular practice across the market, sources report.
New Features by the Former Mt. Gox CEO
Along with the alleged transparency, EllipX will also make user-friendliness a priority. The platform is expected to have the EllipX Wallet, which was brought last month. This wallet utilizes multi-party computation technology and eradicates the need for users to jot down recovery phrases, making it more convenient, according to Karpeles.
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Karpeles is also bringing Ungox, a non-profit organization that will give a rating system for crypto projects and exchanges, according to news sources. This development coincides with his vision for more transparency and reliability in the crypto market.
Mt. Gox View
In a recent X post, Karpeles stated that Mt. Gox NFT owners will get exclusive discounts on trading fees at EllipX. In addition, all Mt. Gox customers from 2010 to 2014 are green-lighted to receive the NFT for free. Mt. Gox, built in 2010, once boasted of being the biggest Bitcoin exchange in the world. However, it underwent a huge security breach in 2014, leading to a loss of at least 850k BTC.
The ex-Mt.Gox CEO discussed what went down in the past, commenting that the events at Mt. Gox were not the most ideal but the hike in Bitcoin’s worth has brought several benefits for people who were impacted. “Some are actually quite happy because it’s been ten years. Of course, everyone wasn’t happy about what happened to Mt. Gox, but as bitcoin’s value increased so much, for many people, it means a lot of profits,” Karpeles noted.
The ex-Mt.Gox CEO also expressed satisfaction with the progress made in blockchain technology, security measures, and regulations since the Mt. Gox incident. “Today, I don’t think the security breach would have happened. And even if something similar happened and Bitcoin was stolen, we would have noticed immediately,” Karpeles went on.
Conclusion
Mark Karpeles, the old Mt. Gox CEO, appears to be getting ready for EllipX hitting the market, which seemingly guarantees to prioritize transparency and being pro-user. His past work with Mt. Gox and building blockchain security steps have designed his method for this new product in the market. With the introduction of EllipX and the building of Ungox, Karpeles is poised to create a ripple of optimistic influence in the cryptocurrency exchange arena. Stay updated with more updates by following TheBITJournal.
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