The former CEO of the Mt. Gox platform that collapsed in 2014 is planning to launch a new product, according to The Block citing a statement by Mark Karpeles at the Korea Blockchain Week conference in Seoul.
According to the former CEO of Mt. Gox, the launch of the EllipX trading platform is scheduled for September 2024. The entrepreneur noted that he plans to pay special attention to the transparency of the crypto exchange and its convenience for users.
Karpeles clarified that EllipX is focused on the European market and intends to open an office in Poland. The company is currently working to ensure that its product complies with the MiCA regulations.
In terms of structure, EllipX has much in common with the New York Stock Exchange, but is focused on the cryptocurrency market, Karpeles noted. It is known that after the official launch, the entrepreneur will take the position of technical director of the exchange.
Karpeles also said the exchange intends to share technical data with clients to demonstrate full transparency, in addition to third-party audits. The move comes after the Mt. Gox hack in 2014 and the long refund process.
Notably, Mt. Gox customers who used the exchange between 2010 and 2014 can mint Mt. Gox NFTs for free. This non-fungible token will allow them to receive a special discount on trading fees on the new EllipX platform, its founder noted.
In July 2024, the bankrupt exchange Mt. Gox announced that it would begin paying out funds to customers. Over the past two months, the platform has made several large transfers. One of the most recent transactions was made on the night of August 21, when the exchange moved about 13,265 BTC.
As part of his return to the crypto industry, Karpeles is also preparing to launch Ungox, a non-profit organization that will offer a rating system for crypto projects and exchanges.
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Source: Cryptocurrency
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