Hong Kong Cryptocurrency Exchange Gatecoin Resumes
Gatecoin Springs Back After A Banking Blackout
It seems that Gatecoin, a Hong Kong cryptocurrency exchange, has found a banking lifeline after suffering a banking blackout in September as it confirmed its plans to resume on its HKD and USD bank transfers. However, through new partners.
This month makes it two months ago since Gatecoin stopped its HKD and USD transfers as a result of “unexpected” bank account freezing in Hong Kong.
Thomas Gluksmann, Gatecoin’s marketing chief stated that the freezing “was a major disruption to our business”, especially after the exchange had “tripled” its customer base in about 2 to 3 months before the banking freeze, as result of bitcoin price rally carried out this year.
Presently, Gatecoin is about resuming its transfer options for the two fiat currencies but through new partners which are based in Europe.
Gatecoin revealed that all HKD and USD transfers in both withdrawals and deposits will be supported by its partner – a licensed European payments processor. Bank transfers done through the processor will go live in about 4 to 6 weeks. More so, another partner, a Swiss bank in partnership with an asset management house will handle larger transactions in USD for over the counter trading, to be made available within 2 to 4 weeks.
Gatecoin confirms that it “will be thoroughly testing both services” until their launch.
Aside the fiat currencies, Hong Kong cryptocurrency exchange Gatecoin has also added support for Litecoin. This will allow users to buy and sell Litecoin with either Bitcoin, Ethereum or the Euro.
Litecoin ‘rode the coattails of bitcoin’ as it underwent its own advancement and “has been working as a test network for bitcoin,” Gatecoin’s development team wrote today, stating their reasons for listing Litecoin. Gatecoin said that
“One such notable test is litecoin’s SegWit integration that fixes transaction malleability and facilitates long-term and secure scaling solutions”.
Hong Kong cryptocurrency exchange Gatecoin went on to add that Litecoin, commonly seen as the first digital silver to bitcoin’s gold, has proven to be a successful cryptocurrency in its own right with “a lot of popularity among traders and merchants.”
Furthermore, the Hong Kong Bitcoin Exchange claimed Litecoin could prove a safer bet for investors during times of volatility among other cryptocurrencies as it wrote:
“Investors may also see litecoin as a hedge against the potential volatility that will accompany any future bitcoin or ethereum forks.”