Mark Karpeles is going to reborn MtGox

According to the founder of well known cryptocurrency exchange, he needs $245M in order to start exchange again
20 November 2017   740

Scandalously known founder of the once largest cryptocurrency trading platform Mt Gox Mark Karpeles intends to revive the exchange. To do this, he said, the amount of $ 245 million is required. Karpeles wrote this in his blog.

Among the possible ways of raising funds, the founder of the infamous Japanese exchange calls recapitalization, issuing shares. Later, the ICO was listed as one of the ways to reborn the exchange. Now this text is crossed out.

Launch an ICO to raise money to hypothetically revive MtGox. This sounds more challenging, both legally and because there is no guarantee of raising enough to revive MtGox. In case there is not enough raised it could still be locked to be distributed to creditors, which would be better than nothing. Updated on Nov 20th: after discussing with lawyers it has been confirmed this option is not practical (mostly due to compliance issues). 
Should anyone have 245 million USD sitting around and want to purchase MtGox, just drop me an email.
 

Mark Karpeles

MtGox founder

In addition, Mark Carpeles concluded that it is unlikely that future investors will be those who lost a solid amount of money in 2014 due to the bankruptcy of the exchange.

The MtGox exchange was based in Tokyo and at a certain stage was the largest trading platform in the bitcoin ecosystem (about 70% of all transactions with bitcoin passed through the exchange).

In early 2014, MtGox, on the background of charges in a dirty game, stopped working. Mark himself later claimed that the platform had undergone a hacker attack, but a study of the Japanese company WizSec, published in April 2015, showed that MtGox started withdrawing funds in 2011, and by 2013 there were practically no funds on the stock exchange accounts.

The losses of MtGox investors are estimated at 850,000 BTC. At that time, this amount was about $ 480 000 000, but at the current rate is about $ 6 500 000 000 .

BitPay to Receive New York's BitLicense

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers
17 July 2018   87

The well-known cryptocurrency processing service BitPay obtained a license to work with virtual currencies in the state of New York. Known also as BitLicense, this license is issued by the New York Department of Financial Services (NYDFS) and grants its holders the ability to conduct activities related to cryptocurrencies in the state.

NYDFS has carefully studied the company's application, including its policy on measures to combat money laundering, customer identification, fraud prevention, cybersecurity. The financial situation of the company was also thoroughly analyzed.

New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.
 

Stephen Pair

CEO, BitPay

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers: the first will be able to use the company's processing services to accept payments in Bitcoin and Bitcoin Cash, the latter will pay for various goods and services using these two BitPay supported cryptos.

Note that BitPay was only the eighth company that received BitLicense. Other license holders are Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, Ripple and Circle. In addition, special permissions for operations with crypto-currencies are exchanged by Gemini and itBit.