Atlas ATS and BitOcean partner to fill void left by MtGox with Japan-based exchange

Chinese Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term ATM company BitOcean is partnering with Bitcoin Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term platform provider Atlas ATS to form a joint venture called BitOcean Japan, which seeks to fill the void of bitcoin exchanges in Japan left by MtGox. They are looking to launch an exchange by August.

Ideally, they would like to build off of MtGox's existing assets, but this can face complications from the bankruptcy proceedings administered by trustee Nobuaki Kobayashi. It may also face competition from the SaveGox proposal, which seeks to revive the failed exchange. The BitOcean venture plans on proceeding on its own even if unsuccessful in acquiring these assets.

It is worth noting that two of Atlas's co-founders, Ken Abe and Shawn Sloves, are also listed as partners in BitOcean.

As previously discussed on the SaveGox proposal, any new exchange looking to replace MtGox is faced with an uphill battle. Gox's market share has already been snapped up by other major exchanges. The space is becoming increasingly crowded with new venues popping up frequently. Most significantly, the horrors of MtGox and the hundreds of millions they lost are permanently etched in Bitcoiner's minds. In today's competitive market, customers will be averse to a new venture maintaining any ties to the old Gox.

Indeed, BitOcean co-founder and MtGox creditor Daniel Kelman said that they have scrapped considerations of reusing the MtGox brand.

Kelman also says that unlike MtGox, whose partner bank Mizuho had pressured the exchange to close its account out of anti-money laundering concerns, his new venture has already opened three accounts and that one of the founders has a solid relationship with local banks.

Also unlike the SaveGox proposal, there was no mention of plans to recover the lost coins. With Bitcoin decentralized outside the control of authorities, the odds of their safe return are virtually nil, even if their location happens to be discovered.