Former Mt.Gox CEO Announces Launch of New Bitcoin Exchange

Mark Karpeles, the former owner and head of the Mt.Gox exchange, has announced the launch of a cryptocurrency platform named EllipX in Poland this September, with a focus on “transparency” and user convenience. This was reported by The Block.

Karpeles will serve as the CTO of EllipX. The platform’s team is concentrated on complying with MiCA requirements.

The entrepreneur expressed hope that EllipX will become a standard for the industry. According to him, his experience with Mt.Gox, the hack, and a decade-long effort to recover funds inspired this positioning.

“If you look at the 100 largest platforms […] and go down the list after five or six names, you won’t even know which companies run them,” explained the former CEO of Mt.Gox.

To ensure transparency, EllipX plans to separate various types of activities, as implemented in TradFi.

According to Karpeles, in this regard, the structure will resemble that of the New York Stock Exchange.

“I see a future where one organization handles trading on the platform, while brokers located in different countries provide localized services. The actual movement of cryptocurrencies will occur through clearing firms like BitGo, which will still be separate from the brokers,” he explained.

EllipX intends to share technical data with clients and conduct audits of each individual division by third parties.

The team aims to ensure a positive user experience primarily through the EllipX Wallet, which features multiparty computation technology.

Karpeles also plans to launch a non-profit organization called Ungox, which will offer a rating system for crypto projects and exchanges.

Earlier, Kaiko assessed the impact of the Mt.Gox factor on digital asset liquidity.

In August, the platform began distributing approximately 140,000 BTC (~$9 billion at the time) among clients. The civil rehabilitation process for Mt.Gox users started in June 2018.