A consortium of Chinese and American Bitcoin businesses, BitOcean Japan to Be Launched Soon

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A consortium of Chinese and American Bitcoin businesses, BitOcean Japan to Be Launched Soon
A consortium of Chinese and American Bitcoin businesses, BitOcean Japan to Be Launched Soon

A consortium of Chinese and American Bitcoin businesses, BitOcean Japan to Be Launched Soon

After the collapse of the Japan based Bitcoin exchange Mt. Gox which used to have a lion’s share in the Bitcoin economy, a consortium of Chinese and American Bitcoin businesses has announced a plan to start a new Japan-based exchange. The consortium also aims to acquire Mt. Gox and its remaining assets as a means to bolster the new offering.

Named BitOcean Japan, the joint venture is being formed by Chinese ATM producer BitOcean and New York-based exchange technology platform Atlas ATS. The founders of the JV clear that it’s not an effort to rescue Mt. Gox; rather, an attempt to buy out the bankrupt exchange’s assets for which they are going to make a submission to Nobuaki Kobayashi.

Nobuaki Kobayashi, the court-appointed trustee overseeing the Mt. Gox case is going to determine whether the assets are delivered to BitOcean. However, the founders of the Bitcoin exchange claim that whether or not the submission is accepted by the court, the company will still open the new exchange with an official launch date in August.

Earlier, the founders of the exchange launched a test site with a functioning API for online users. Talking about the not going for the name of the closed company Mt. Gox, BitOcean Japan co-founder and General Counsel, Daniel Kelman, explained that the company decided against using Gox because the damage has been done and is irreversible.

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He describes that he was all ‘Goxxed’ and, frankly, anytime someone in Bitcoin gets ripped off from here until eternity it will be referred to as a ‘Goxxing’. What is important is that people realize Bitcoin is not Mt Gox in any sense of the word. Now, the organization is looking for bidding and likely outcome is being waited.

Similar opinions came from Atlas ATS Chief Marketing and Communications Officer Rafi Reguer who says that the primary reason for offering the technology is that it believes in their plan on bidding for Mt. Gox and their vision how to return faith to the Bitcoin markets and to all of the people who lost either money or BTC in the bankruptcy.

Once it is formed, BitOcean Japan according to the company sources going to become a member of the Japan Association of Digital Asset (JADA) which was formed just recently to work as interface between the government and the Bitcoin entities.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com