Tuesday, February 18, 2025

New Cryptocurrency Exchange EllipX to Launch in Europe by Former Mt. Gox CEO

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Originally published on: September 04, 2024

Mark Karpeles, known as the former CEO of the now-defunct Mt. Gox cryptocurrency exchange, is set to introduce a brand new platform called EllipX in Europe this coming September.

Established in Poland, EllipX will cater primarily to European clients but has ambitions for global expansion. Initially focusing on cryptocurrency transactions, the exchange may eventually incorporate banking and fiat currency services in the future.

With a focus on adhering to the European Union’s Markets in Crypto-Assets Regulation (MiCA), EllipX is dedicated to ensuring transparency through routine third-party audits.

In a recent interview during Korea Blockchain Week, Karpeles highlighted the enhanced security and technological advancements around Bitcoin, emphasizing the safe storage of digital assets.

Regarding making amends and rebuilding trust with individuals affected by the Mt. Gox incident, Karpeles revealed that EllipX will offer former Mt. Gox users a substantial discount of at least 50% off trading fees. This discount is connected to non-fungible tokens previously issued by Karpeles, which only a small fraction of affected users have claimed thus far.

Karpeles expressed his hope that extending this fee reduction as a form of reparation would assist in reconnecting with those who suffered losses during the defunct exchange’s downfall in 2014.

In a positive turn of events, Mt. Gox recently initiated reimbursement processes for agreed-upon rehabilitation creditors through selected cryptocurrency exchanges. The repayments transpired in Bitcoin (BTC) and Bitcoin Cash, leading to the revelation that the Mt. Gox Trustee’s total BTC balance stood at 94,457 BTC at the time.

Despite concerns of a potential sell-off following the reimbursement, Mt. Gox creditors have opted to retain their cryptocurrency holdings after a decade-long wait to acquire their funds.

As the cryptocurrency landscape evolves, EllipX emerges as a promising addition to the industry, driven by Karpeles’ dedication to compliance, security, and fostering trust within the community.

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