Mark Karpeles to Launch New Crypto Exchange EllipX in Europe, Promising Transparency

• EllipX will follow EU’s MiCA regulations, ensuring transparent and secure operations in the European crypto market.
• Mark Karpeles offers former Mt. Gox users a 50% fee discount on EllipX through NFTs, aiming to regain lost trust.
• EllipX features multi-party computation (MPC) technology, simplifying the crypto experience and enhancing security for all users.

Mark Karpeles, the former CEO of the ill-fated Mt. Gox cryptocurrency exchange, is set to make a notable return to the crypto world. He is launching a new crypto exchange called EllipX, which will be based in Poland. The platform is expected to go live later this month, aiming to offer users a secure and transparent trading experience.

Compliance with European Regulations

EllipX will adhere to the European Union’s Markets in Crypto-Assets (MiCA) regulations. These rules are designed to provide clear guidelines for the European crypto market, ensuring that exchanges operate transparently and securely. Karpeles has emphasized that EllipX will be structured similarly to traditional stock exchanges, with distinct functions for brokerage, storage, and trading. This approach will involve third-party audits of all operations, enhancing the platform’s credibility.

Innovative Features and Enhanced Security

EllipX will introduce several innovative features, including the EllipX Wallet, which utilizes multi-party computation (MPC) technology. This technology eliminates the need for users to manage complex seed phrases, making the platform more accessible and secure for new users. The exchange will also compartmentalize various functions, with independent companies like BitGo handling storage and clearing, while brokers manage localized services.

In an effort to rebuild trust and offer reparations to those affected by the Mt. Gox collapse, Karpeles has announced a special offer for former Mt. Gox users. These users will receive a 50% discount on trading fees on EllipX. The discount is linked to non-fungible tokens (NFTs) that Karpeles had previously issued to Mt. Gox users as a gesture of goodwill.

Focus on Transparency and Trust 

Karpeles has consistently emphasized the importance of transparency and security in the crypto industry. In a recent interview, he highlighted the exchange’s structure, where the trading entity operates separately from brokers and custodians, ensuring greater transparency. All entities involved in EllipX’s operations will undergo regular third-party audits, reinforcing the platform’s commitment to maintaining high standards.

Karpeles aims to set new benchmarks in the crypto space, particularly in Europe. The platform’s design and innovative features, combined with its focus on transparency, are expected to attract both seasoned traders and newcomers to the cryptocurrency market. EllipX’s compliance with European regulations, coupled with its commitment to user security and experience, positions it as a promising player in the evolving crypto landscape.