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Gate.io

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Gate.io
Company typePrivate
IndustryCryptocurrency
FoundedApril 2013; 11 years ago (April 2013)
FoundersLin Han
Headquarters
Cayman Islands
Area served
Worldwide
ProductsCryptocurrency exchange, cryptocurrencies
SubsidiariesGATE.hk (Hong Kong)
Websitegate.io

Gate.io is a Cayman Islands-based cryptocurrency exchange and blockchain platform established in 2013.[1] According to Bloomberg and Reuters it is ranked among the top most worldwide for the trading volume.[2][3][4][5]

As of May 2023, GATE.io's total exchange assets were $1.88 billion according to Bloomberg.[6][7]

History

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GATE.io was founded by Lin Han in April 2013 in China.[8][9][10] In 2019, the livestream platform, GATE.io Live,[11] the GATE SAFU fund and were launched.[12][5]

In 2020, GATE.io released its Proof-of-Reserves, a technical method for users to check their collateral, including their total assets on the platform.[13]

GATE.io passed the Trusted Volume Test by Coin Metrics in July 2020.[14] In September 2021, the venture capital arm of GATE.io, Gate Ventures, was established. In its initial stages, Gate Ventures launched a fund worth $100 million.[15] Gate Ventures later launched another fund worth $200 million in November 2022.[16]

In October 2022, GATE.io and the City of Busan started setting up and managing the Busan Digital Asset Exchange.[17] In March 2023, GATE.io has partnered with Visa to launch a crypto card for the European Economic Area countries.[18]

In 2023 GATE.io partnered with Coinfirm, a platform for real-time anti-money laundering (AML) and combating the financing of terrorism (CFT).[19][20] In February 2023, according to India Today, Gate Group, the parent company of Gate.io, applied for a new cryptocurrency license in Hong Kong,[21] aiming to launch 'Gate HK' for the local market.[22]

Incidents

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In 2022, Okaz, a Saudi Arabian daily newspaper, and state-owned broadcaster Al Arabiya reported that hackers compromised exchange's official Twitter account, redirecting over a million users to a fraudulent website through a scam Tether (USDT) giveaway and changed a website address to: "gąte.com".[23][24] Also, in 2022 Gate.io experienced net outflows over $140 million amidst the speculations on its liquidity health.[25]

In October 2022, Crypto.com accidentally sent about 80% of its ethereal capital (about 400 million dollars) to Gate.io. The company recognized the mistake only after it was exposed.[26][27] Gate.io started returning the funds once it recognized the transfer a mistake.[28]

In May 2023, Gate.io publicly refuted rumors of financial instability amidst social media speculation.[29]

In January 2024, Google pulled out GATE.io's app with Binance and eight other major crypto exchanges because of Indian anti-crypto legislation.[30]

Review

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Business Insider gave the exchange a rating of 3.71 out of 5.[31] Meanwhile, The Motley Fool described the exchange as fitting for experienced traders, while also highlighting its high deposit fees as a drawback.[32] Fortune India names Gate exchange among top-8 worldwide, amongst Binance, Huobi, and others.[33] AlJazeera named GATE.io among the top-7 most popular crypto-exchanges globally.[5]

Overview

[edit]

The company expanded in the Middle East by acquiring a Dubai Multi Commodities Center license for crypto trading in the UAE and launching the "Turkey Portal" for cryptocurrency traders in Turkey.[5]

GATE.io has its own GateChain, a decentralized ecosystem for digital assets. In August 2019, GATE.io launched its trading token called GateToken (GT).[34][35][36][37]

In 2021, GateChain mainnet announced that it officially supports Ethereum Virtual Machine (EVM).[38] In November 2022, Gate.io launched its crypto-based payment service called Gate Pay.[39][40]

References

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  1. ^ Soon, Elaine Yu and Weilun. "Laundromats and VPNs: How China's Crypto Traders Are Evading the Rules". WSJ. Retrieved 2024-03-25.
  2. ^ "Best Crypto Apps & Exchanges Of June 2023 – Forbes Advisor". www.forbes.com. Retrieved 2024-03-25.
  3. ^ "Crypto.com Recovers $400 Million After Misplaced Ether Transfer". Bloomberg.com. 2022-11-13. Retrieved 2024-03-25.
  4. ^ "Top crypto exchanges by volume". Reuters. Retrieved 2024-03-25.
  5. ^ a b c d سناجلة, محمد. "أشهر 7 منصات لتداول العملات المشفرة للمبتدئين". الجزيرة نت (in Arabic). Retrieved 2024-03-25.
  6. ^ "The Paypers covers the latest global news and analyses on payments, e-commerce, fintech, and the digital economy". thepaypers.com. Retrieved 2023-06-30.
  7. ^ "News Nuggets | 25 May: GATE.io in Hong Kong; CFI's New Office". Financial and Business News | Finance Magnates. 2023-05-25. Retrieved 2023-06-30.
  8. ^ Joe, Kiwi (2022-09-20). Cryptocurrency Remote Viewed Book Seven: Your Guide to Identifying Tomorrow's Top Cryptocurrencies Today. Gerard O’Neill Books.
  9. ^ "Digital asset exchange GATE.io taps Coinfirm for AML/CFT platform". 13 February 2023.
  10. ^ Steves, Rick (7 February 2023). "GATE.IO TAPS COINFIRM FOR AML/CFT COMPLIANCE AMID LICENSES IN THE US, EUROPE, HONG KONG".
  11. ^ Walker, Mark (2019-10-27). "GATE.io Launches In-App Live Streaming Service To Support Real-Time Interaction With Users". The Fintech Times. Retrieved 2024-03-25.
  12. ^ "GATE.io pledges USD 100 mln to support the crypto ecosystem". thepaypers.com. Retrieved 2023-08-10.
  13. ^ Andreou, Giannis (2022-11-14). THE BIBLE OF CRYPTOCURRENCY, WEB 3.0, NFTs & DeFi: The Ultimate Path For Blockchain, Cryptocurrencies, WEB 3.0, NFTs and DeFi, For Comprehensive Understanding. Giannis Andreou.
  14. ^ "GATE.io全项通过Coin Metrics交易量可信度测试". 世链财经 (in Chinese (China)). Retrieved 2024-03-25.
  15. ^ "GATE.Io 承诺投入 1 亿美元重振加密货币，恢复投资者信心_基金_io_流动性". news.sohu.com. Retrieved 2024-03-25.[permanent dead link‍]
  16. ^ "GATE.io 啓動早期加密風投基金 GATE Ventures | Anue鉅亨 - 快訊". Anue鉅亨 (in Chinese (Taiwan)). 2021-09-13. Retrieved 2024-03-25.
  17. ^ "Blockchain: GATE.io joins Binance, FTX crypto firms in helping Busan build its blockchain framework". EconoTimes. 2022-10-28. Retrieved 2024-03-25.
  18. ^ "GATE.IO LAUNCHES VISA-BACKED CRYPTO DEBIT CARD". 9 March 2023.
  19. ^ "Digital asset exchange GATE.io taps Coinfirm for AML/CFT platform".
  20. ^ "GATE.IO TAPS COINFIRM FOR AML/CFT COMPLIANCE AMID LICENSES IN THE US, EUROPE, HONG KONG". 7 February 2023.
  21. ^ "Gate.io Group Enters Hong Kong With Compliant, Secure, And Comprehensive Custody Services". Reuters.
  22. ^ "Gate.io to make its debut in Hong Kong, Govt to inject $6.4M into city's Web3 space". India Today. 23 February 2023. Retrieved 2024-03-25.
  23. ^ «عكاظ» (جدة) (2022-10-23). "هدايا خادعة.. مستخدمون يتعرضون للخطر إثر اختراق "تويتر"". Okaz (in Arabic). Retrieved 2024-03-25.
  24. ^ "برمجية خبيثة لسرقة البيتكوين تطال أكثر من 600 ألف موقع". Al Arabiya.
  25. ^ Olga, Olga (1 June 2023). "Crypto Exchange Gate.io Dismisses Conjecture; Sees Outflows". www.bloomberg.com. Retrieved 2024-03-25.
  26. ^ "על רקע קריסת FTX: משקיעי Crypto.com חוששים לכספם | כלכליסט". calcalist (in Hebrew). 2022-11-16. Retrieved 2024-03-25.
  27. ^ Nicolle, Emily (November 13, 2022). "Crypto.com Recovers $400 Million After Misplaced Ether Transfer". www.bloomberg.com. Retrieved 2024-03-25.
  28. ^ Roth, Emma (2022-11-13). "Crypto.com sent $400 million to the wrong recipient, but got it back this time". The Verge. Retrieved 2024-03-25.
  29. ^ "Gate.io faces allegation against illiquidity issues". Financialexpress. 2023-06-01. Retrieved 2024-03-25.
  30. ^ "Google Pulls Binance, 8 Other Crypto Apps From India Play Store". news.abplive.com. 2024-01-14. Retrieved 2024-03-25.
  31. ^ Houston, Rickie; Campbell, Tessa. "Gate.io Review 2024". Business Insider. Retrieved 2024-03-25.
  32. ^ Newbery, Emma (2022-03-10). "Gate.io Review: Pros, Cons, and More | The Motley Fool". www.fool.com. Retrieved 2024-03-25.
  33. ^ "Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp among 9 offshore crypto cos banned by FinMin". www.fortuneindia.com. 2023-12-09. Retrieved 2024-03-25.
  34. ^ sina_mobile (2019-04-08). "迟到一年 GATE发币". k.sina.cn. Retrieved 2024-03-25.
  35. ^ 网易 (2021-04-20). "GATE.io芝麻开门8周年：守正出新，开启全能交易时代". www.163.com. Retrieved 2024-03-25.
  36. ^ "What is GATE Token (GT)? - Skrumble". 2023-07-22. Retrieved 2024-03-25.
  37. ^ Andreou, Giannis (2022-11-14). THE BIBLE OF CRYPTOCURRENCY, WEB 3.0, NFTs & DeFi: The Ultimate Path For Blockchain, Cryptocurrencies, WEB 3.0, NFTs and DeFi, For Comprehensive Understanding. Giannis Andreou.
  38. ^ 宋 家雨, 发布于. "GATE.io芝麻开门EVM智能链上线 ，能否用生态优势杀出重围？". Doit.
  39. ^ Writer, Verdict Staff (2022-11-07). "Crypto exchange GATE.io unveils new payment product". Electronic Payments International. Retrieved 2024-03-25.
  40. ^ "GATE.io Launches its Crypto Payment Product, GATE Pay". ffnews.com. 7 November 2022. Retrieved 2024-03-25.
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