Mark Karpeles, the former CEO of Mt. Gox, is set to launch a new cryptocurrency exchange, EllipX, later this month. Announced during an interview at the Korea Blockchain Week in Seoul, the platform will debut in Europe, with its base in Poland. Karpeles will act as EllipX’s chief technology officer. He emphasized that the exchange will prioritize transparency and user-friendliness.

EllipX can differentiate itself within the market by offering operation clarity. As mentioned earlier, Karpeles identified several factors in his article, where many of the leading exchanges are huge and their functioning is quite opaque. In addressing this, EllipX will disentangle the functions that the exchange will perform including trading, brokerage, and storage. It operates similarly to the New York Stock Exchange, though implemented within the crypto world.. Karpeles has stated his intention of using clearing houses like BitGo to facilitate the crypto transactions while trading and storing them is separate.

EllipX Offers Trading Fee Rebates for Mt. Gox NFT Holders

This focus on transparency has arisen due to previous concerns in the crypto market, such as the FTX debacle which uncovered more obscure activities and raised questions of security. As for the issues of transparency, EllipX is expected to provide users with technical data and third-party audits.

Karpeles also presented the EllipX Wallet in the previous month to incorporate multi-party computation that enables users to avoid using the security phrase written down. Furthermore, he is starting Ungox, a ‘safe space’ non-profit organization that will rate various crypto platforms and projects.

About Mt.Gox, Karpeles stated that holders of NFTs originating from the old exchange will enjoy trading fee rebates on EllipX whereas the customers who remnants from 2010 to 2014 have an opportunity of getting free NFTs. Though the company experienced the heist of 850, 000 BTC in 2014, Karpeles stated he is now pleased with the growth of blockchain technology and improvements in safety in a decade.

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