The new exchange will adopt modern technology to fix Mt. Gox’s shortcomings and promote transparency.
Mark Karpeles, former CEO of defunct crypto exchange Mt. Gox, has revealed his plans to establish a new crypto exchange in Europe this month. Having gathered experience from previous mistakes with Mt. Gox, he has expressed strong confidence that the new product will meet the required industry level of security and transparency. Karpeles will also introduce a new crypto wallet that adopts multi-party computation (MPC) technology for improved safety.
Karpeles to Launch EllipX Exchange
Via an X post, Karpeles announced the launch of a new crypto exchange he named EllipX. He has not revealed his partners in the project. However, he stated that EllipX will be based in Poland since he has clearly understood the country’s system and regulations during his years with Mt. Gox.
According to Karpeles, much work is still required to make the crypto industry safe, easy, and valuable to everyone. He believes this is the time necessary to put in the work and introduce his new exchange, achieving maximum transparency and security.
“We now have technology that would have prevented MtGox’s failure, yet it is not commonly used due to a lack of information or resources. This needs to change,” he said.
Karpeles attended the Korean Blockchain Week (KBW2024) event, where he provided further information about EllipX. He revealed that he would categorize the different sections of the new exchange, unlike other existing exchanges that perform many functions simultaneously. It will have the same formation as the New York Stock Exchange but for crypto.
Additionally, Karpeles will recognize longtime Mt.Gox customers with a MtGoxNFT. Only Mt.Gox customers from 2010-2014 will receive the MtGoxNFT and enjoy special trading discounts on the new exchange.
EllipX Wallet Coming Soon
In addition to the EllipX exchange, Karpeles plans to launch a new non-custodial crypto wallet, EllipX Crypto Wallet, that will allow users to fully control their cryptocurrencies without complete reliance on seedphrases and private keys.
EllipX Crypto Wallet will be “a state-of-the-art wallet using MPC technology that sets up as easily as any banking application.” The MPC technology enables multiple parties to jointly compute a function over their inputs while keeping them private.
Karpeles revealed that his experience with Mt.Gox over the years and the advancements within the ecosystem have enlightened his view of the industry and leveled up the system to more transparency. Therefore, he’s launching new products to create his envisioned blockchain industry.
