Mark Karpeles announces the European debut of EllipX by the end of September, promising a transparent and user-friendly approach.
Mark Karpeles, ex CEO of Mt. Gox, is preparing to launch a new cryptocurrency exchange called EllipX. The announcement was made during the Korea Blockchain Week in Seoul.
The new exchange, which will be based in Poland, is expected to debut in Europe by the end of September. Karpeles, who will serve as CTO, emphasized that the choice of Poland is due to his familiarity with the country. The ex CEO of Mt. Gox stated that the exchange is currently working to comply with MiCA.
EllipX aims to stand out from its competitors by focusing on two aspects: transparency and user-friendliness. Regarding transparency, Karpeles highlighted the importance of a compartmentalized structure, similar to what is seen in traditional finance. This approach involves separating the entities responsible for trading, brokerage, and asset custody.
The ex CEO of Mt. Gox also announced the intention to share technical data with clients and to subject each separate entity to third-party audits, in order to ensure maximum transparency. Karpeles stated:
“So by creating this kind of transparency and this kind of environment, other exchanges are hopefully likely to follow. Then transparency will become standard across the industry.”
Regarding user-friendliness, EllipX aims to differentiate itself from other exchanges through its wallet, launched last month. Based on Multi-Party Computation technology, the wallet promises to be more intuitive, eliminating the need to write down the seed phrase on paper.
In parallel with the launch of EllipX, Karpeles is also preparing the debut of Ungox, a non-profit organization that will provide a rating system for digital asset projects and exchanges.
