By Boris Au Yeung, Marketing Executive, GatecoinThe activities of financial services institutions, such as banks, are monitored and regulated by governments to maintain a healthy and safe economic environment. So as an international financial center, i…
HONG KONG — 21 NOVEMBER 2017 — Gatecoin is very excited to announce that we have listed litecoin (LTC), a major cryptocurrency and one of the first serious alternatives to bitcoin (altcoins) on our exchange.Clients can now trade LTC with BTC, ETH and E…
HONG KONG — 16 NOVEMBER 2017 — The Gatecoin team greatly appreciates the patience of our clients over the last few weeks while we have worked to resume HKD and USD bank transfers.As described in our previous update, we had to stop processing all HKD an…
HONG KONG — 25 October 2017 — On Wednesday, 1 November 2017, Gatecoin will be facilitating the airdrop of TRX, the ERC20 standard ethereum token used within TRON, a decentralized content sharing platform.
The airdrop will also coincide with the listing of TRX on our exchange with both BTC and ETH trading pairs.
All active Gatecoin clients with balances equal to or above USD 20 equivalent in cryptocurrency, tokens or fiat currency will be credited TRX 500 as part of this airdrop.
Clients will be able to access their TRX funds for trading or transfers once the token is listed on our exchange.
What is TRON?
Not to be confused with the 1982 Sci-Fi film starring Jeff “The Dude” Bridges, TRON is an ethereum based application enabling online content creators to be compensated for sharing their content. In the future, the TRON team will develop their own blockchain and file storage protocol.
What is TRONIX (TRX)?
TRONIX or TRX is the native token of the TRON ecosystem and is used to access content available on the TRON platform and to directly compensate and incentivize content creators. The total supply of TRX is 100,000,000,000.
Who is the team behind TRON?
Justin Sun, Founder: previously founded Peiwo, China’s largest audio content community and served as Greater China representative of Ripple.
Lucien Chen, Technical Director: veteran of major technology firms such as Netease, Youdao, Tencent, Qihoo360 and SM search.
HONG KONG — 18 October 2017 — The Gatecoin team is happy to announce the listing of the AirSwap Token (AST) on our exchange following the decentralized token trading platform’s successful token launch which concluded on 14 October 2017. AST is now tradable through our ASTBTC and ASTETH markets.
What is AirSwap?
While many dapp founders have worked to provide a decentralized token exchange, having on-chain order books (Etherdelta, OasisDEX) or on-chain order cancelation (0x), for instance, is both extremely slow and costly compared to using a centralized exchange.
AirSwap solves this problem by building a P2P protocol layer on top of the ethereum blockchain, using smart contracts to settle transactions on-chain.
AST 150 million (from a supply of AST 500 million) was sold during the token launch for ETH 119,511.44, equivalent to USD 36 million at the time of sale.
Who are the AirSwap team?
Michael Oved / Founder
Michael is a veteran algo trader, spending a quarter of his life at leading firm Virtu, having helped to found and grow its Asia operation to a multimillion dollar business. He is a graduate of Carnegie Mellon University.
Don is a serial entrepreneur, product designer and full-stack engineer with more than a decade of experience building products for companies small and large including Google and Zynga. He is a graduate of Carnegie Mellon University.
Deepa specializes in financial trading systems and infrastructure development. Deepa has several years of experience building usable products and analyzing data. She holds a Master of Science in Financial Engineering from the University of Illinois.
HONG KONG — 17 October 2017 — Following our last update about the suspension of HKD and USD transfers due to the abrupt freezes of our bank accounts in Hong Kong, the Gatecoin team has been working to establish alternative transfer options.
Here is a summary of events so far:
15 September: Hang Seng Bank froze our bank account in Hong Kong without any notice immediately putting all HKD and USD transfers on hold.
15 September: Gatecoin activated our bank accounts held with Alpen Baruch and migrated all HKD and USD transfers processing through these accounts.
15–19 September: high costs and processing times for transfers through Alpen Baruch resulted in many complaints and delays.
19 September: Gatecoin activated our Fubon Bank account in Hong Kong and proceeded to transfer funds originally held at our Hang Seng Bank account.
21 September: The transfer of funds from Hang Seng Bank to Fubon exceeded the maximum amount we could process in a single day and Fubon Bank froze our account.
21 September: Despite the high fees and transfer delays we switched our HKD and USD processing back to Alpen Baruch.
26 September: Alpen Baruch froze our account without notice.
28 September: Gatecoin halted all HKD and USD transfers until further notice.
Where are Gatecoin’s HKD and USD funds currently being stored?
All the funds deposited to our Hang Seng Bank account were transferred to our account at Fubon Bank (this includes both HKD and USD), which is currently frozen. Our accounts at Alpen Baruch only holds deposits sent by clients between 18–26 September.
What is the status of transferred that were processed through Hang Seng, Alpen Baruch and Fubon Banks?
All deposits in HKD or USD sent successfully to those bank accounts have been credited to clients’ Gatecoin accounts. Rejected transfers were returned to senders. Some transfers were not processed due to lack of information provided to us by the sender.
Withdrawals from our Hang Seng Bank account have been settled. No withdrawals were processed through Alpen Baruch or Fubon.
What has the Gatecoin team done so far to resolve these issues?
The Gatecoin team has been working to activate and open bank accounts at several financial institutions in Hong Kong and other jurisdictions in Asia. We are still waiting for the banks to approve and or activate these accounts. Once we have one or more working accounts ready and tested we will resume HKD and USD transfers.
What is the timeline for the resumption of HKD and USD transfers?
We cannot provide a timeframe for the resumption of HKD and USD transfers as it all depends on the decisions made by the individual banks that we are currently engaging with.
What were the reasons given for the bank account freezes?
As of this time, no reason has been given by Hang Seng or Alpen Baruch Banks for freezing our accounts. Fubon Bank did not inform us of the daily account transfer limit and did not explain why exceeding the limit would force them to freeze our accounts.
How does this affect EUR transfers?
EUR transfers are unaffected and Gatecoin maintains several EUR SEPA transfer accounts at financial institutions across Europe.
Will Gatecoin accept cash deposits or cheques in the meantime?
As we comply with global anti-money laundering best practices we maintain our commitment not to accept cash deposits or withdrawals at our offices. Without a working bank account in Hong Kong we cannot process or write cheques by mail or in person.
When will Gatecoin provide another update on the HKD and USD transfers?
We hope that we can provide an update with positive developments soon, but this really depends on how quickly our new bank accounts can be approved and activated.
This wouldn’t happen to a decentralized exchange!
Yes, but how can a decentralized exchange process a USD or HKD bank transfer? So far it cannot, at least while all major fiat currencies are not cryptocurrencies. So, in the meantime the main entry or exit point for crypto is through a purchase in fiat currency using a centralized exchange which relies on maintaining a working bank account.
We understand this update is frustrating for clients wishing to process deposits and withdrawals in HKD and or USD but, unfortunately, the ball is in the banks’ court for now.
Thank you for your patience and cooperation,
The Gatecoin Team
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