Ex-Mt.Gox CEO Mark Karpelès is reportedly planning to launch his new cryptocurrency exchange platform, called EllipX, towards the end of September. EllipX which is expected to launch in Europe later this month, will focus on transparency and user-friendliness and will be headquartered in Poland.
Karpelès said that new crypto trading platform will have a framework similar to that of the New York Stock Exchange, but for cryptocurrencies. Karpelès also plans to separate the different working departments to maintain the transparency of the new project as he believes compartmentalizing works for exchanges that re into the broker side of the trading which involves dealing with customers, and the matching side and the storage side of the things which involves, storing crypto and fiat.
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Elaborating on his new venture, Karpelès said, “If you look at the top 100 exchanges, the first few ones would be very large ones like Binance, Coinbase … But as you go down the list after five, six names, you won’t even know which companies are running the exchanges.”
I’ve been watching how things evolved after MtGox’s collapse while dealing with the case itself, and while some things have changed unrecognizably, there is still a lot of work needed to make cryptocurrencies safe, easy, and useful for everyone. Now that the MtGox distribution…
— Mark Karpelès (@MagicalTux) August 30, 2024
Karpelès said that his platform will share technical data with customers for a full transparent experience, along with disclosing audits on each separate entity by third parties. He said that him emphasizing on transparency comes from the lessons he has learnt with Mt. Gox’s hack in February 2014 that took a decade for repaying funds.
As for now, Karpelès is working to make EllipX MiCA compliant.
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Also Read: Mt. Gox moves $75 million BTC, Bitcoin steadies above $59K
