Gatecoin

Gatecoin
Founded July, 2013
Headquarters Hong Kong, HK
Founder(s) Aurelien Menant
Industry Digital currency
Employees 15+
Website gatecoin.com

Gatecoin is a regulated online trading platform for cryptocurrency and blockchain assets based in Hong Kong. Founded in July 2013 by a former investment banker, Aurélien Menant as a bitcoin exchange and has evolved into a trading platform for a range of cryptocurrencies and Ethereum based blockchain assets, such as decentralized autonomous organization (DAO) tokens. [1][2]Gatecoin is the only bitcoin technology firm being incubated by the Hong Kong Science and Technology Parks Corporation,[3] a statutory body of the Hong Kong Government. Gatecoin is also incubated by the Tuspark business park in Nanjing.[4]

Gatecoin joined The SuperCharger FinTech accelerator program sponsored by Baidu and Standard Chartered bank in January 2016.[5][6]

Services

Gatecoin was the first cryptocurrency exchange to offer segregated client bank accounts in Europe,[7][8][9] and is amongst the first cryptocurrency exchanges licensed as Money Service Operator in Hong Kong.[10][11] A CoinDesk news article explains: “This means customer funds are kept in separate bank accounts to the company's own funds, and thus can have funds returned in the case of a force majeure financial event that depletes company reserves.”[12]

The Gatecoin exchange platform allows users to trade bitcoin, ether (ETH), and Augur tokens (REP) alongside three fiat currencies: US dollar, Euro, and Hong Kong dollar.[12][13] The firm also works with several banks and payment processors to provide low-cost, cross-border money transfer solutions, especially for those in emerging markets.[14]

Recognition

Gatecoin won the 2014 Best Start-up Prize for Central and East Asia Region at Talent Unleashed, whoses judges include Sir Richard Branson, and Steve Wozniak.[15][16] Gatecoin was included as one of Hong Kong’s 20 Hottest Startups to watch out for in 2015.[17]

Regulation in Hong Kong

Gatecoin is a licensed[11] Money service operator business in Hong Kong and although the Legislative Council of Hong Kong has declared that bitcoin and cryptocurrency regulation is not needed.,[18] it has also added that bitcoin exchanges in Hong Kong must comply with the existing legal framework. According to the Secretary for Financial Services and the Treasury, Professor K C Chan:“Financial Institutions are required to comply continuously with customer due diligence and record keeping requirements when establishing or maintaining business relationships with customers or clients who are operators of any schemes or businesses relating to virtual commodities”.[19] This stance inspired Gatecoin's CEO Menant to state that "The bitcoin momentum is in Asia where it clearly has the biggest potential. The financial regulation here is also one of the best in the world".[20] However, despite clear regulations, the Hong Kong Government has repeatedly warned against bitcoin speculation.[20][21]

References

  1. ↑ Startbase Hong Kong
  2. ↑ "Gatecoin CEO: Ethereum Drastically Increased Our Trading Volumes – Finance Magnates | Financial and business news". www.financemagnates.com. Retrieved 2016-04-01.
  3. ↑ "Gatecoin Launches the First Exchange with Segregated Client Bank Accounts". HKSTP News and Media.
  4. ↑ Gatecoin LTD at Tuspark
  5. ↑ "Gatecoin joins the Supercharger Accelerator in Hong Kong". The Merkle.
  6. ↑ "Bitcoin Startup Joins Baidu-Backed FinTech Accelerator". Coindesk.
  7. ↑ "Gatecoin launches, plans segregated bank accounts". The Paypers.
  8. ↑ "How Gatecoin Exchange Is Protecting User Funds". US Finance Post.
  9. ↑ "Paying by the Book: An Interview with Gatecoin's Aurélien Menant". CoinTelegraph.
  10. ↑ Hong Kong MSO Official List
  11. 1 2 "Bitcoin in Hong Kong, Still different". The Economist.
  12. 1 2 "Hong Kong Exchange Gatecoin Launches Segregated Bank Accounts". CoinDesk.
  13. ↑ "Ethereum Is Solving Some Of The Issues Of Bitcoin, Says Gatecoin CEO - EconoTimes". EconoTimes. Retrieved 2016-04-01.
  14. ↑ "Hong Kong-Based Gatecoin Aims to Solve International Wire Transfer Headache with New Bitcoin Exchange". Finance Magnates.
  15. ↑ "2014 Finalists". Talent Unleashed.
  16. ↑ "CashYou, GateCoin Amongst 5 Hong Kong Startups Declared Winners in the 'Talent Unleashed Awards'". Startups HK.
  17. ↑ "Hong Kong's 20 hottest startups to watch out for in 2015" (PDF). Hong Kong Business.
  18. ↑ "Bitcoin Regulation Not Needed". news.gov.hk.
  19. ↑ "LCQ4: Regulation of trading activities of bitcoins". Hong Kong legCo, March 25, 2015.
  20. 1 2 "Virtual currency entrepreneurs fight for future of bitcoin in Hong Kong". South China Morning Post.
  21. ↑ "Hong Kong Issues Warning About Bitcoin". New York Times.
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