Mt.Gox former CEO establishes new exchange EllipX in Europe, promises halved fees for Mt.Gox creditors

The former CEO of the bankrupt cryptocurrency exchange Mt.Gox, Mark Karpeles, has recently established a new cryptocurrency exchange called EllipX in Europe, specifically located in Poland. Currently, the company only offers services to European users but plans to expand globally in the future. At present, the exchange only provides cryptocurrency trading, but may later introduce fiat and stablecoin services. EllipX aims to comply with the EU's regulatory framework for crypto assets markets, known as MiCA, and enhance transparency through regular third-party audits.

How to Describe EllipX? Structurally, it is the Cryptocurrency Version of the New York Stock Exchange

According to reports, Mark Karpeles stated that EllipX will focus on user-friendliness and transparency towards users.

"If you look at the top 100 exchanges, the first few are very big exchanges, like Binance, Coinbase, but as you go down five or six names, you don't even know which companies are running these exchanges."

Mark Karpeles explained transparency towards users in this way.

To ensure the platform's transparency, Mark Karpeles will segregate the different functions of the exchange platform. "Because usually what happens is today's exchanges are dealing with clients on the brokerage side, but also on the trading matching side and custody side, storing cryptocurrencies and fiat currencies."

Mark Karpeles introduced that EllipX's structure will be similar to the New York Stock Exchange, but geared towards cryptocurrencies. "Basically, my vision for the future is to have a physical entity handling trades in the market, while brokers in different countries provide localized services, and the trading entity only deals with trading," Mark Karpeles added. "The actual flow of cryptocurrencies will go through the entity in charge of trading, basically companies like BitGo, which are still separate from brokers."

Offering Half-Price Trading Fees to Mt. Gox Victims, EllipX Plans to Introduce a Blockchain Rating System

During the Korea Blockchain Week KBW, Mark Karpeles stated that EllipX will provide a 50% discount on trading fees for former Mt. Gox users trading on EllipX as compensation for the Mt. Gox hack. Mark Karpeles expressed hope that this discounted trading fee offer could help those who lost assets on Mt. Gox and expressed a desire to connect with them.

Last month, they first launched the EllipX wallet, which Mark Karpeles stated is easier to use with multi-party computation technology, eliminating the need to write down private keys on paper. Mark Karpeles is also preparing to launch Ungox, a nonprofit organization that will provide a rating system for cryptocurrency projects and exchanges.