As a seasoned crypto investor with a decade-long journey in this dynamic and evolving digital economy, I find it fascinating to see Mark Karpeles, the former CEO of Mt. Gox, stepping into the crypto arena once again. His new venture, EllipX Exchange, is set to debut in Poland this September, aiming for compliance with the EU’s MiCA rule.
As a researcher, I’ve found a way to rephrase the given text using first-person perspective and simpler language:
EllipX Exchange to Uphold Transparency and Security
At the Korea Blockchain Week event held in Seoul on Wednesday, Karapulse explained that their upcoming platform prioritizes clarity and ease of use. This novel cryptocurrency exchange aims to facilitate a smooth transition for beginners within the cryptocurrency environment.
As an analyst, I propose a strategy for my team: we plan to segment our operational units to ensure the necessary transparency. In today’s dynamic cryptocurrency market, it seems prudent for an exchange to establish a customer-facing broker division, acting as a liaison between us and our clients.
The design might include a pairing section for holding both cryptocurrencies and traditional money, as well as a storage area. In contrast to typical cryptocurrency perspectives, he clarified that this trading platform would be structured much like the New York Stock Exchange.
Essentially, my vision for the future involves a single entity managing all market trades. Brokers stationed in various nations would offer tailored services to their local markets. However, this central entity would solely focus on the actual trading process itself. – Karpeles
1) The transaction process will include intermediary services provided by entities such as BitGo, which manage the actual transfer of cryptocurrencies. Karpeles intends to assume the role of Chief Technical Officer for the upcoming exchange, overseeing all technical matters related to EllipX once it becomes operational.
Previously at the helm of Mt.Gox, its CEO conceded that prominent digital currency trading platforms such as Binance and Coinbase command a significant share in the crypto market’s landscape.
“However, if you continue past the fifth or sixth name on the list, it becomes difficult to recognize the businesses responsible for operating the exchanges,” he pointed out.
US Investors Seek Transparency from Crypto Firms
In the present situation, it’s clear that transparency and strong security are crucial concerns for investors within the cryptocurrency sector, a shift that was triggered by the unexpected collapse of FTX in 2022, leading to losses for its users. As a result, crypto companies have been devoting additional resources to openly share their strategies with users following this unfortunate incident.
A typical action among innovators and trading platforms is making their Proof-of-Reserve (PoR) available to the public. In the first three months of this year, the OKX platform released its 17th PoR following the collapse of FTX and the crisis involving Terra (LUNA). The report revealed a total of approximately $22.2 billion in primary assets safeguarding users’ funds.
At that point, the data from the Platform of Reference (PoR) indicated that the exchange held more than the standard amount of reserves for Bitcoin (BTC) at 102%, Ethereum (ETH) at 104%, Tether (USDT) at 106%, and U.S. Dollars (USD) at 110%.
Approximately a few months past, the leading exchange Gate.io disclosed its Proof of Reserves (PoR) report. This report revealed a reserve-deposit ratio of 115.34% and a total reserve value amounting to $6.49 billion at the time of compilation. This disclosure greatly helped in easing investors’ concerns about potential isolation during an unforeseen collapse scenario.
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2024-09-04 13:01