Key Takeaways:
Key Takeaways
- Mark Karpeles is launching EllipX, focusing on transparency.
- EllipX separates trading, brokerage, and storage functions for clarity.
- Karpeles is also working on Ungox, a rating system for crypto projects.
Mark Karpeles, the former CEO of Mt. Gox, is launching a new exchange called EllipX in Europe, with Poland as its operational base. Karpeles, now the Chief Technology Officer, emphasized the exchange’s full compliance with the Markets in Crypto-Assets (MiCA) regulation, ensuring a strong regulatory foundation.
EllipX’s mission centers on transparency, a feature Karpeles sees as lacking in most exchanges today. He pointed out that companies behind many platforms remain obscure. To address this, EllipX will use a model similar to the New York Stock Exchange, separating the trading, brokerage, and storage functions. BitGo will manage asset storage, and third-party audits will be conducted regularly.
Karpeles ensures transparency for users, stating:
We’re creating an exchange where the trading entity is separate from brokers and custodians.
In addition to its transparency focus, EllipX aims to be user-friendly. The EllipX Wallet, launched last month, uses multi-party computation (MPC) technology to eliminate the need for seed phrases, simplifying the process for users.
Karpeles’ commitment to transparency stems from the Mt. Gox collapse in 2014, which resulted in the loss of 850,000 BTC. He believes transparency should be an industry standard, aiming to restore trust in the space through EllipX.
Karpeles is also developing Ungox, a rating system for crypto projects to help investors evaluate platforms’ credibility.
