The former CEO of Mt. Gox, Mark Karpeles, is set to open a new Europe-based cryptocurrency exchange, EllipX, this month. The platform is based in Poland and was established to provide enhanced transparency and a user-friendly interface while complying with the Markets in Crypto Assets (MiCA) regulation. Karpeles said this while speaking at the Korea Blockchain Week event in Seoul to establish transparency and stability in the current volatile market for the new currency.
In an interview about working at EllipX as the Chief technology officer, Karpeles said that the philosophy of EllipX was aimed at enhancing transparency in the transactions for cryptocurrency users, especially those who are green in the market. He noted that most cryptocurrency business CEOs hardly engage the customers, with Binance and Coinbase as some of the few exceptions. Karpeles emphasized that this disconnect is a growing problem in the industry. Consequently, EllipX plans to follow a structured business model by separating its trading and storage systems to create a more secure user environment.
Also Read: Mt. Gox Transfers $709.44 Million in Bitcoin to Bitstamp Amid Repayment Process
Drawing Lessons from the Mt. Gox Collapse
When questioned about the events that led to the failure of Mt. Gox – previously one of the world’s largest Bitcoin trading platforms – Karpeles accepted that many things were learned from the failed trading venture in 2014. In what was deemed a hack, the exchange lost a considerable amount of Bitcoin, forcing it to shut down. Nonetheless, Mt Gox started customer repayment processes in 2024 using Kraken, showing positive signs towards mitigating the impact of the loss on the affected parties.
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Karpeles elaborated that the company’s visualization will be a clone of the NYSE or NASDAQ. The platform is to have a customer view exposed to customers, a broker’s view exposed to brokers, and a crypto asset storage view to store assets. By so doing, he expects this structure to increase security and enable him to manage all the assets well.
Conclusion
EllipX, the new venture to be created by Mark Karpeles, is to become a systematically organized company imparting order in the world of cryptocurrencies, with the experience gained from the failure of Mt. Gox. The platform will focus on the legislation and users’ trust, which is why it will become a reference point for all European cryptocurrency exchanges.
Also Read: Mt. Gox Prepares to Distribute Remaining $2 Billion in Bitcoin to Creditors
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.