Launching EllipX in Europe: A New Venture

Based on Poland, the forthcoming platform, EllipX, intends to open across Europe later this month. Karpeles stated, “Mt. Gox was based in Poland, so I do know it [well] as a country,” adding that the new exchange is now trying to be compatible with MiCA. As EllipX’s main technology officer, Karpeles will supervise the technical features of the company.

According to the former Mt. Gox chief, EllipX would concentrate on guaranteeing customer transparency—especially for newbies in cryptocurrencies. Looking at the top 100 exchanges, the first few would be really significant ones like Binance, Coinbase,… But you won’t even know whose companies are administering the exchanges as you descend the list following five, six names, said Karpeles.

Fostering Transparency and Openness

Karpeles intends to divide several trading platform working groups in order to ensure openness on the platform. “Because generally an exchange today is doing both the broker side dealing with customers and the matching side and the storage side, storing crypto and fiat,” explained Karpeles.

Though for cryptocurrency, Karpeles said the new exchange will have a structure like that of the New York Stock Exchange. “Basically, what I see for the future is to have one entity that deals with the trading on the market and brokers located in different countries providing localized service, while the trading entity will only deal with trading,” Karpeles said. “The actual movement of hands on crypto will happen through clearing houses, basically companies like BitGo, that would still be separated from brokers.” 

Most big bitcoin exchanges assert to provide complete transparency and security measures as crypto investors give openness top priority. This became even more important after the FTX exchange failed, when users trusted billions of dollars without knowing the illegal activities carried out behind closed doors by its officials.

Karpeles added to the understandably dubious crypto investors that on top of audits on every individual company by third parties, the exchange aims to disclose technical data with consumers to demonstrate complete transparency.

“So other exchanges are hopefully likely to follow by establishing this kind of transparency and this kind of environment,” said Karpeles. Transparency will then become the norm in the sector everywhere. Karpeles also mentioned how his experience with Mt. Gox, the hack and ten years of labor resulting in fund payback, greatly affected his quest for openness.

Former Mt. Gox CEO told that EllipX will utilize user-friendliness as its weapon, especially with the EllipX Wallet that was launched last month, in an attempt to beat current trading giants in the crypto exchange sector. With multi-party computation technology, the EllipX wallet is supposed to be simpler to use and requires no penning down of phrases on a piece of paper, according to Karpeles.

Karpeles is also getting ready to release Ungoxin, a non-profit company with a grading system on crypto projects and exchanges, in line with his crypto comeback.

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In an attempt to ease concerns, Mt. Gox’s former CEO, Mark Karpeles, clarified that the transfers were not indicative of an immediate Bitcoin sale. He explained that the transfers were part of the ongoing process of managing Bitcoin reserves for the upcoming creditor repayments scheduled for this year.

Mt. Gox Official Statement Reinforces

An official statement from Mt. Gox further reinforced Karpeles’s remarks, emphasizing that no direct BTC or BCH repayments have been made and that there are no plans for immediate sales of these assets. The Rehabilitation Trustee, currently overseeing the Bitcoin and Bitcoin Cash, assured users that the funds are being held securely.

Following the reassuring statements from Karpeles and Mt. Gox, the Bitcoin price started to recover, climbing back to around $68,500 at the time of writing.

Mt. Gox Background: A Longstanding Saga

In 2014, Mt. Gox, a Japanese cryptocurrency exchange, filed for bankruptcy after hackers stole 850,000 Bitcoins, leaving many investors with substantial losses.

After years of legal battles, an old Mt. Gox wallet containing 200,000 Bitcoins resurfaced, offering a glimmer of hope for creditors. The Tokyo District Court appointed a trustee to oversee the distribution of these funds to affected users.

The distribution plan is designed to minimize the impact on the Bitcoin market by spreading out the repayments over time. This approach aims to prevent a sudden surge of supply that could trigger another price crash.

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