GATE.io explained

GATE.io
Type:Private
Industry:Cryptocurrency
Founders:Lin Han
Homepage:https://www.gate.io
Products:Cryptocurrency exchange, cryptocurrencies
Subsid:GATE.hk (Hong Kong)
Area Served:worldwide

GATE.io is a global 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]

As of May 2023, GATE.io's total exchange assets were $1.88 billion according to Bloomberg.[5] [6]

History

GATE.io was founded by Lin Han in April 2013 in China.[7] [8] [9] In 2019, the livestream platform, GATE.io Live,[10] the GATE SAFU fund and were launched.[11] [12]

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

In 2022, Okaz, Saudi Arabian daily newspaper and state-owned 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 it liqudity 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 legislature.[30]

Review

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.

Overview

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.

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]

Notes and References

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

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