Former CEO of Mt. Gox to Launch EllipX, a New Crypto Exchange This Month

Bittime - Mark Karpeles, former CEO of crypto exchange Mt. Gox, plans to launch its new crypto exchange this month with a focus on transparency and user friendliness. The upcoming platform, called EllipX, will launch in Europe later this month with its base in Poland. 

"Mt. Gox is based in Poland, so I know it [well] as a country," said Karpeles, adding that the new exchange is currently working to comply with MiCA. Karpeles will oversee the technical aspects of EllipX as chief technology officer.

EllipX Will Focus on Transparency

The former head of Mt. The Gox said EllipX will focus on ensuring transparency for consumers, especially newcomers to the crypto space. "If you look at the top 100 exchanges, the first few will be the really big ones like Binance, Coinbase... But when you get down the list after five, six names, you won't even know which company is running the exchange," Karpeles said .

To ensure transparency on the platform, Karpeles plans to separate the different working bodies of the trading platform. "Because typically, an exchange today does both the brokerage side dealing with customers, and the matching side and the custody side, holding crypto and fiat," Karpeles said.

Learn From Past Mistake

The new exchange will have a similar structure to the New York Stock Exchange, but for crypto, Karpeles said. 

As crypto investors increasingly prioritize transparency, most major crypto asset exchanges claim to offer full transparency and security measures. This became even more important after the case of the FTX exchange collapse, where users entrusted billions of dollars without knowing the illegal transactions carried out behind closed doors by its executives.

For crypto investors who are rightfully skeptical, Karpeles said the exchange intends to share technical data with customers to demonstrate full transparency, on top of audits on each separate entity by third parties.

Karpeles added that his quest for transparency is heavily influenced by his experience with Mt. Gox, hacking and a decade of work leading to the repayment of funds.

EllipX Will Emphasized on User-Friendliness

In an effort to outperform existing trading giants in the crypto exchange market, the former CEO of Mt. Gox told The Block that EllipX will use user-friendliness as its weapon, especially with the EllipX Wallet introduced last month. Equipped with multi-party computing technology, the EllipX wallet is said to be easier to use, without the need to write phrases on a piece of paper, according to Karpeles.

As part of his return to the crypto world, Karpeles is also preparing to launch Ungox, a non-profit organization that will offer a ranking system on crypto projects and exchanges.

The Story of Mt.Gox and Special Discount

Karpeles said that the owners of Mt. Gox NFT will get special discounts on trading fees on its new trading platform, while all customers of Mt. Gox from 2010 to 2014 was eligible to receive NFTs for free.

Founded in 2010, Mt. Gox operated the world's largest bitcoin exchange until the platform suffered a major security breach in 2014, resulting in the loss of at least 850,000 BTC. After a decade of working with creditors and trustees, Mt. Gox started paying back the funds earlier this year.

Conclusion

The former leader of Mt. The Gox said he was pleased to witness the growth of blockchain technology, security measures and regulations implemented since the bankruptcy of Mt. Gox. Karpeles is optimistic that EllipX will not experience the same case as Mt.Gox.

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