With the creation of bitcoin in 2008, blockchain came a flood of cryptocurrency exchanges on the market. In general, cryptocurrency exchanges that have been around longer are generally more secure than newer ones.
That said, in this article we will talk about one of the largest cryptocurrency exchanges in the world, Gate.io, which at the end of this month, the exchange Gate.io cwill celebrate your ninth birthday. Along with a series of celebrations to give back to users, the Gate.io brand will also receive a major update to its brand identity, revamped logo, tagline and color scheme.
In this article, we will discuss:
What is Gate.io?
A Gate.io is one of the oldest Chinese bitcoin exchanges, founded in 2013 by Lin Han. Until 2017, the exchange was called Bter.com. However, it changed its name to Gate.io when the Chinese government banned fiat trading for crypto in 2017.
Gate.io is one of the oldest cryptocurrency exchanges in the world. cryptocurrency market🇧🇷 It offers services related to multi-digital commerce and has grown to serve more than 10 million users worldwide.
It has consistently ranked as one of the top 10 cryptocurrency exchanges based on class and trading volume on CoinGecko, and has been verified by the Blockchain Transparency Institute (BTI). Thus, Gate.io received a rating of 4,5 by Forbes Advisor, making it one of the best cryptocurrency exchanges for 2021. In addition to the main exchange, Gate.io.
How Gate.io grew to become one of the biggest cryptocurrency exchanges in the world
1 - Security
The Cryptocurrency Exchange Ranking (CER), a third party that assesses the cybersecurity of cryptocurrency exchanges, listed the platform as the best exchange in terms of cybersecurity in August 2020, although its ranking has dropped slightly since then.
Security protocols include two-factor authentication via SMS and email and require users to create a separate withdrawal password to remove funds from their accounts. Gate.io has also launched a bug bounty, which rewards those who report bugs and vulnerabilities, to provide more security on the platform. And, as is now standard among major cryptocurrency exchanges, Gate.io keeps some client assets in cold storage disconnected from the internet to reduce the risk of hacks.
2 – Token Gate (GT)
GT is the native token of the Gatechain mainnet. It became a Gate.io exchange token formally on March 2, 2020 with the new name “GateToken”. Since then, GT has been developing together with Gate.io. In its early stage, GT was distributed to Gate.io Point buyers as a free gift, with an initial offer of 1 billion. With 0,7 billion burned later, the current maximum circulation is 0,3 billion.
As the buyback and burn plans were implemented, GT entered absolute deflation. As an important part of the Gate.io ecosystem, GT can be used for VIP level escalation, trading fee debits, participating in exclusive activities and much more. Gate.io will also increasingly empower GT with more applications and use cases to enhance its intrinsic value.
Since being introduced as the base token of the Gate.io ecosystem in 2020, GateToken's value continues to gain significant momentum as it has an actively growing market capitalization and volume. With several cryptocurrency exchanges launching their own tokens in recent years, GateToken stands out as the Gate.io ecosystem. For having dedicated the blockchain GateChain, is progressing in various sectors of decentralization beyond limits, thus providing the perfect foundation for its success, attracting various beneficial offers for its investors. As an exchange platform with a solid drive for new and better improvements, the Gate.io network will enable easy upgrades for GateToken.
3 – Gate.io Audit Process
On May 11, 2020, Gate.io was audited by the company Armano LLP. An independent, cryptographically verified audit was employed to assist in the audit process.
The audit carried out by the company Armano LLP aims to solve one of the main problems regarding cryptocurrency exchanges is transparency, which mainly involves proof of reservations. Customers need to know and confirm that the service they are using actually holds 100% of their funds. So, Gate introduced the solution using the Merkle tree approach to give customers the ability to verify that their fund is fully owned by Gate.
4 – Gate.io startup IEO
According to CryptoRank, a cryptocurrency ranking website, the rate of return for projects IEO Startup by Gate.io ranks third in the world as of July 25, 2020, with the highest yield rate being 971,53% and a current average yield rate of 159,98%. Meanwhile, Gate.io security ranks #1 on CER.live, being the most secure exchange platform in the world.
Gate.io has persevered in improving its users' experience and product range, Gate.io has launched some flagship products including Gate.io Futures and Options.
In addition, we are active in seeking cooperation with hundreds of professional teams around the world through our market maker competition and our quantitative digital asset trading competition, in an attempt to improve the liquidity of our platform and provide the best trading experience for all users. We plan to release a number of practical resources, including Grid-trading, Signal trading and Long Futures Contracts.
5 – DeFi & Labs Incubator Program
On January 27, 2021, Gate.io launches the mainnet smart contract EVM on the GateChain network, characterized by high performance, secure infrastructure and low gas rates, empowering everyone to create and access highly secure and scalable dapps.
In order for more blockchain projects to deploy their contracts on the interoperable echo of GateChain, on February 20, 2021, the DeFi Eco Project Recruitment and Labs Incubator Recruitment program was launched.
Benefits of Incubator Labs:
- Launch an innovative high-performance project in the DeFi space.
- Access GateChain interoperability with lower gas rates and higher throughput.
- Provides similar infrastructure on GateChain.
6 – Gate.io NFT Magic Box
The platform Gate.io NFT Magic Box was launched during the 8th anniversary of the cryptocurrency exchange and is the world's first centralized trading platform. The platform focuses on incubation and asset management in the field of blockchain and digital currency.
The Gate.io NFT Magic Box will connect NFT artists, institutions and collectors with the aim of becoming a leading source for NFT trading, market education and liquidity expansion. Artists, users and professional NFT institutions will be able to experience all the functions of the platform, such as cheap minting, exhibition of works and sales. Together, we will explore the infinite possibilities of NFTs in terms of artistic value and application. Everyone can be an NFT artist!
7 - Venture Capital Fund
In September 2021, Gate.io launches its early stage crypto venture capital fund – Gate Ventures, with the aim of facilitating innovations in the digital age.
Gate Ventures is a global venture investment initiative focused on decentralized infrastructure, echoes and applications that have reshaped the world in the digital age. Backed by Gate's Echo, Gate Ventures provides funding, operational resources and expertise to the cryptocurrency community for next-gen innovations. Gate Ventures will also offer grants to open source projects active in building the future of web3 and open finance. The new venture will not only act as an investor, but as a builder and cultivator.
8 – Gate.io surpasses 10 million global users
Cryptocurrency exchange Gate.io ranked among the largest cryptocurrency exchanges in the world in 2022 with a high trading volume and over 10.000.000 million registered users worldwide.
Gate.io stands out in the cryptocurrency market among users mainly because it supports more than 1.400 cryptocurrencies, which means that you will be able to find almost any coin you are interested in buying on this platform.
Conclusion
When comparing the Gate.io with other exchanges, we can see that there is a great evolution regarding security. Also with the May updates, the exchange should increase competitiveness and bring innovation to the industry, mainly catering to the needs of new users with the Gate.io Lite app.
