Mark Karpeles, the former Chief Executive Officer of Mt. Gox, announced plans to launch EllipX by the end of this month. The launch will take place throughout Europe, with a primary emphasis on user-friendliness and transparency. Mark announced this plan while interacting with the media at the Korea Blockchain Week event, which took place in Seoul, South Korea. Mark Karpeles is optimistic that in the future, both features will be implemented as industry standards.
The lack of comparable initiatives on the market inspired Kerpeles to develop this idea. During the interaction, he stated that the list consists of only 5-6 reputable platforms and projects, with the remaining projects either barely known by users or with little information about the companies running them.
Mark Karpeles stated that they are compartmentalizing the platform and architecting the structure in a manner that is similar to the New York Stock Exchange, or NYSE. Platforms that offer both brokerage and storage serve as inspiration for the foundational framework. Meaning, they work as a broker while also storing crypto and fiat currencies for users.
Transparency now holds priority for a large number of users, especially those who are aware of the collapse of FTX, a crypto exchange platform. Reportedly, the platform misappropriated funds deposited by its users. As a result, these transactions are illegal and require no permission. Mark Karpeles said that they have every intention of sharing technical data with users. This will include audits on separate entities by third parties, he added.
In EllipX Wallet, transparency will largely prevail. It was introduced last month and features multi-party computation technology. Feedback indicates that the wallet is simple to use because it eliminates the need to write anything down.
Mark Karpeles announced that select users will get extra rewards. For instance, owners of Mt. Gox NFTs will have an extra discount in terms of trading fees. Those who were customers of Mt. Gox from 2010 to 2014 will also receive free NFTs.
It evokes memories of Mt. Gox, once the largest Bitcoin exchange platform, and its collapse in 2014. That year marked the occurrence of one of the most significant hacks. Malicious actors drained a minimum of 850,000 bitcoin tokens. Mt. Gox faced difficulties recovering from that attack. It eventually shut down, only to find a solution after a decade of negotiations with creditors and trustees.
Mt. Gox reportedly began rolling out settlements at the beginning of the year, i.e., in 2024.
There has been no announcement on the tokens it will begin with; however, it is safe to presume that BTC and ETH will have their own sections. EllipX is promising; however, it is advisable to conduct a comprehensive risk assessment and conduct investigation prior to registering on any crypto exchange platform. The market is g