Positive for MtGox victims, Kraken Bitcoin exchange has been appointed to help with the MtGox investigation
Unleash the Kraken
An entity such as Kraken will be required to sort out the disaster of MtGox.
The Kraken Bitcoin exchange will be tasked with the following duties
- Assist locating the lost or stolen Bitcoin
- Assisting the claims process for creditors
- Assisting the distribution of assets
- Assist the exchange of currency as needed to settle claims
Kraken was selected from multiple companies, due to the experience and expertise in the sector.
From Jesse Powell, CEO of the Kraken Bitcoin exchange.
“The outcome of the MtGox bankruptcy proceedings will deeply affect the Bitcoin community as a whole,” said Kraken CEO Jesse Powell. “We’ve decided to volunteer our resources and expertise in an attempt to minimize damage to creditors, restore faith in the Bitcoin community, and demonstrate trusted leadership in the industry,” Powell said.
Kraken, founded in 2013 is a leading BTC to Euro exchange that is based in San Francisco. The exchange boasts full regulatory compliance, trading in Bitcoin, Ripple, Namecoin and Litecoin.
The Fate of MtGox
According to a press release by the Bankruptcy trustee overseeing MtGox, there is no plan to resurrect the MtGox exchange.
Payward’s (Kraken’s parent company) support for the bankruptcy proceedings of MtGox will include up to 500 hours, no charge.
Kraken’s gateway to becoming an industry Titan
If Kraken handles this correctly, it could place them in a position to become a titan of the emerging Bitcoin industry. The amount of accounts and trust that could be gained is monumental.