Former Mt. Gox CEO Mark Karpeles to launch crypto exchange EllipX
Former Mt. Gox CEO Mark Karpeles to launch crypto exchange EllipX
Mark Karpeles, the former CEO of the infamous Mt. Gox exchange, is preparing to make a return to the cryptocurrency world with the launch of his new platform, EllipX, later this month. In an exclusive interview at the Korea Blockchain Week event in Seoul, Karpeles shared his vision for EllipX, emphasizing transparency and user-friendliness as the platform’s core values.
EllipX is set to launch in Europe, with its base in Poland. Karpeles, who has strong ties to Poland dating back to his Mt. Gox days, revealed that the exchange is currently working to comply with the European Union’s Markets in Crypto-Assets (MiCA) regulations. He will oversee the technical aspects of the platform as its Chief Technology Officer.
One of EllipX’s primary goals is to provide a more transparent and structured platform for users, particularly newcomers to the cryptocurrency space, as reported by TU Crypto News. Karpeles criticized current exchanges, noting that while major players like Binance and Coinbase are well-known, many smaller platforms lack transparency.
The collapse of Mt. Gox in 2014 remains one of the largest cryptocurrency hacks in history, resulting in the theft of 850,000 BTC. Karpeles believes that the lessons learned from that incident have shaped his commitment to transparency. The new exchange will undergo regular third-party audits and provide technical data to customers to ensure complete transparency.
Karpeles emphasized that EllipX will differ significantly from Mt. Gox, focusing heavily on user experience. The EllipX Wallet, launched last month, utilizes multi-party computation technology, allowing users to manage their assets without the cumbersome process of writing down recovery phrases.
Additionally, Karpeles announced on his X (formerly Twitter) page that Mt. Gox NFT holders will receive special discounts on trading fees at EllipX, and Mt. Gox customers from 2010 to 2014 are eligible to receive the NFT for free.
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Beyond EllipX, Karpeles is also working on Ungox, a non-profit organization that will evaluate crypto projects and exchanges. This initiative supports his mission to promote transparency and accountability within the cryptocurrency industry.
Many in the crypto market will be closely watching how EllipX plans to compete with established giants while addressing the long-standing issues of trust and security that have plagued the sector.
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