Kraken to become new Mt.Gox Exchange in Japan

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Opera Lovers May Now Donate Bitcoin to Princeton Opera Alliance
Opera Lovers May Now Donate Bitcoin to Princeton Opera Alliance

Opera Lovers May Now Donate Bitcoin to Princeton Opera Alliance

A news byte which is of immense interest to cryptocurrency loyalists is the show of strength by San-Francisco based exchange Kraken in recent months.

Jesse Powell, ex-Insider of Mt.Gox is said to have begun ‘Kraken’ as an alternative to Mt.Gox, for he commented that, “I wanted there to be another one to take its place, if Mt. Gox failed.”

When Mt.Gox was massively hacked in 2011, one of the first to hold the reins of repair and reconstruction was Jesse Powell, while CEO Mark Karpeles revived services. But apparently, Powell, 33, was well aware that Mt.Gox would not survive and had started work on another exchange for bitcoins which would survive the world after Mt.Gox demise.

As Powell shared, “It was clear after that hack at Mt. Gox when they were down for like a week that the exchange is really the most critical piece of the ecosystem.”

In Feb 2014, Mt.Gox was cleaned of $470 million by hackers, bringing down the most famous exchange in the world.

The closing-down of Mt.Gox saw fortunes turn in favor for Kraken.

The numbers of users on Kraken exchange double in less than two months. The majority use of the exchange if for daily euro trading; Powell had shared in late July this year.

For Powell, who dropped out of Sacramento’s, California State University to begin a website that traded in virtual armor for computer games, the current ecosystem for bitcoins is similar in character to that of his virtual journey in 2003.

He comments that, “The whole game currency space was very interesting to me, which is how I was able to notice bitcoin,” Powell said. “It has all the benefits of these gaming currencies without that centralized point of weakness. I think it’s really the future.” That was one of the main reasons why Kraken was born, he states.

Powell is now in Japan to negotiate for bitcoin services as founder member of the Japan Authority of Digital Asset along with CoinPass and BitFlyer.

The date by which Kraken Japanese services will begin is undecided, Powell declared.

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

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Deepak Tiwari, a law graduate, has been working as a journalist for six years now. He currently writes on Bitcoin, economic, and Forex related news at ForexMinute, the brand new financial news portal which is making waves among Forex traders around the globe for the innumerable Forex resources it offers for readers, traders and brokers. His other specialties include writing on law & governance, finance, internet marketing, careers, politics, international relations & diplomacy, etc.