Mark Karpeles, the former CEO of the now-defunct Mt. Gox cryptocurrency exchange, is set to debut his new venture, EllipX, in September. Based in Poland, EllipX will initially cater to European users with plans for global expansion.
EllipX will start as a crypto-only exchange, with future plans to incorporate banking and fiat currency services. The platform aims to adhere to the European Union’s Markets in Crypto-Assets Regulation (MiCA) and will prioritize transparency through regular third-party audits.
In an interview during Korea Blockchain Week, Karpeles highlighted that advancements in Bitcoin security now enable safe cryptocurrency storage. He emphasized the need for exchanges to lead by example, showcasing transparency and security.
To address past grievances, EllipX will offer a minimum 50% discount on trading fees for former Mt. Gox users. This gesture is linked to non-fungible tokens issued previously for Mt. Gox users, though only a fraction have claimed them.
Karpeles expressed hope that the fee reduction will help rebuild trust with those affected by the Mt. Gox collapse. Despite initial backlash and threats following the hack, he has received a more positive reception from the crypto community in recent years.
As of July 5, Mt. Gox began repaying creditors through designated crypto exchanges. Payments were made in BTC and Bitcoin Cash, with a reported total balance of 94,457 BTC held by the Mt. Gox Trustee. Despite concerns over potential sell-offs, creditors have largely retained their holdings after a prolonged wait.
