Mark Karpelès, the former CEO of the infamous cryptocurrency exchange Mt. Gox, has unveiled his new project: EllipX. It is a self-hosted wallet. What do we know?
Mark Karpelès launches EllipX, a self-hosted wallet
This Friday, Mark Karpelès, famous for having led Mt. Gox between 2011 and its bankruptcy in 2014, unveiled his new project, a self-hosted wallet named EllipX :
I'm thrilled to announce.. @EllipXCrypto
With the goal of making crypto more accessible and safer, the first step comes with the EllipX Wallet, an MPC wallet that splits private keys in 3 parts between yourself, your device and EllipX.— Mark Karpelès (@MagicalTux) August 23, 2024
💡 What are the best wallets on the market to secure your cryptocurrencies?
As is now the case for more and more wallets, EllipX relies on secure multi-party computation (MPC) technology to secure the private key. Instead of being represented by a sequence of 12 to 24 words, the latter is split into 3 fragments, 2 of which are necessary to restore the wallet.
This is a hot wallet, not a hardware wallet. The wallet is currently only available on iOS and is expected to arrive on Android soon.
At present, only ETH seems available on EllipXalthough other assets may be supported soon, including ERC20 tokens:
In the near future, we plan to integrate support for additional blockchain assets such as BTC, BCH, and others. Our goal is to make managing assets and on-chain experiences as easy as downloading a mobile app.
👉 Also in the news — The DeFiant Ones: Donald Trump shows support for his sons' crypto project
While competition is already fierce in the self-hosted wallet market, EllipX will have to show its added value over its competitors in order to make a place for itself.
Among Mark Karpelès' other projects, we can also mention Ungox, a company that is supposed to rate crypto projects according to their reliability. However, Ungox has not given any sign of life since the beginning of the year, and the company's website still displays nothing, except its logo.
Ledger: the best solution to protect your cryptocurrencies 🔒
Source: EllipX
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Since 2021, I have devoted my free time to seriously training myself on cryptocurrencies in order to acquire as much knowledge and credibility as possible. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyses on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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