Mark Karpeles, the former CEO of Mt. Gox, is preparing to launch a new crypto exchange, EllipX, in Europe this month. The platform focuses on transparency, security, and user-friendliness. Based in Poland, EllipX aims to set a higher standard in the industry, especially after concerns from past failures like FTX.
EllipX: A New Era of Transparent Crypto Exchanges
As the Chief Technology Officer (CTO), Karpeles has designed EllipX with users in mind. The platform separates its key operations—brokerage, trading, and storage—to reduce risks. This structure, similar to the New York Stock Exchange, ensures that each part functions independently. In doing so, EllipX enhances user security and builds trust, particularly for those new to cryptocurrency.
Emphasizing Security and Third-Party Audits
Moreover, EllipX is committed to third-party audits. This helps ensure transparency for all users. By sharing detailed technical data, the platform encourages other exchanges to adopt similar levels of openness. Ultimately, this could set a new industry standard for accountability.
The EllipX Wallet: Simplifying Security
EllipX’s standout feature is the EllipX Wallet, introduced last month. This wallet uses multi-party computation (MPC) technology, which simplifies security. With this technology, users don’t need to manage passphrases. As a result, EllipX offers a more user-friendly experience while maintaining strong security protocols.
Ungox: Rating Crypto Projects for Accountability
In addition, Karpeles is launching Ungox, a non-profit organization that will rate crypto projects and exchanges. By doing so, Ungox aims to improve transparency and help users make informed decisions. This effort will further promote accountability across the industry.
Special Offers for Mt. Gox NFT Owners
EllipX will offer special benefits to Mt. Gox NFT owners, including trading discounts. Former Mt. Gox customers can claim these NFTs for free, providing them with exclusive perks on the platform.
Reflecting on Mt. Gox and the Future of Crypto Security
Looking back on the 2014 Mt. Gox collapse, Karpeles acknowledges the improvements in blockchain security and regulation. He noted, “Today, we would detect such breaches immediately.” This optimism reflects the growing maturity of the cryptocurrency industry.