Gatecoin

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Gatecoin was a bitcoin and ethereum token exchange based in Hong Kong. Founded in July 2013 by a former investment banker, Aurélien Menant, [1] [ unreliable source ] Gatecoin became the first cryptocurrency exchange to list ethereum's native token, ether (ETH) in August 2015 and has since specialised in listing ethereum tokens associated with decentralized applications. [2] [ unreliable source? ] [3] [ unreliable source ] [4] [ non-primary source needed ]

Bitcoin () is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.

Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality. It supports a modified version of Nakamoto consensus via transaction-based state transitions.

Hong Kong East Asian city

Hong Kong, officially the Hong Kong Special Administrative Region of the People's Republic of China and commonly abbreviated as HK, is a special administrative region on the eastern side of the Pearl River estuary in southern China. With over 7.4 million people of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is the world's fourth most densely populated region.

Contents

Gatecoin is the only bitcoin technology firm being incubated by the Hong Kong Science and Technology Parks Corporation, [5] [ non-primary source needed ] a statutory body of the Hong Kong Government. Gatecoin is also incubated by the Tuspark business park in Nanjing. [6] [ not in citation given ]

Hong Kong Science and Technology Parks Corporation

The Hong Kong Science and Technology Parks Corporation (HKSTP) is a public corporation set up by the Hong Kong Government in 2001 to foster the development of innovation and technology in Hong Kong.

Tuspark Chinese company

The Tuspark or Tsinghua University Science Park, Tuspark Holding Limited is a Chinese high-tech company which builds business parks. It has buildings in Zhongguancun of Beijing, in Kunshan, Suzhou, Jiangsu and in Nanjing. It has 30 branches all around China. About 400 companies and 25000 employees are working in Tuspark. The original branch is based just south-west next to the East Gate of the main campus of Tsinghua University in Wudaokou.

Nanjing Prefecture-level & Sub-provincial city in Jiangsu, Peoples Republic of China

Nanjing, formerly romanized as Nanking and Nankin, is the capital of Jiangsu province of the People's Republic of China and the second largest city in the East China region, with an administrative area of 6,600 km2 (2,500 sq mi) and a total population of 8,270,500 as of 2016. The inner area of Nanjing enclosed by the city wall is Nanjing City (南京城), with an area of 55 km2 (21 sq mi), while the Nanjing Metropolitan Region includes surrounding cities and areas, covering over 60,000 km2 (23,000 sq mi), with a population of over 30 million.

Gatecoin joined The SuperCharger FinTech accelerator program sponsored by Baidu and Standard Chartered bank in January 2016. [7] [ unreliable source ] [8] [ unreliable source ]

Baidu Chinese web services company

Baidu, Inc., incorporated on January 18, 2000, is a Chinese multinational technology company specializing in Internet-related services and products and artificial intelligence (AI), headquartered at the Baidu Campus in Beijing's Haidian District. It is one of the largest AI and internet companies in the world. The holding company of the group is incorporated in the Cayman Islands. Baidu was established in 2000 by Robin Li and Eric Xu. Baidu is currently ranked 4th overall in the Alexa Internet rankings.

Standard Chartered British financial services company

Standard Chartered PLC is a British multinational banking and financial services company headquartered in London, England. It operates a network of more than 1,200 branches and outlets across more than 70 countries and employs around 87,000 people. It is a universal bank with operations in consumer, corporate and institutional banking, and treasury services. Despite its UK base, it does not conduct retail banking in the UK, and around 90% of its profits come from Asia, Africa and the Middle East.

Hack

In 2016 Gatecoin experienced a cyberattack on its hot wallets that resulted in the loss of funds. An update from the exchange team indicated that as much as $2m was lost, confirming rumors that circulated soon after the hack became apparent.

Gatecoin has claimed that it lost as much as 185,000 ethers and 250 bitcoins, an amount worth roughly $2.14m at the time. The exchange further said that it believes the hack first began on 9 May, and that it continued over the following three days. [9]

References

  1. Suberg, William (23 May 2014). "Paying by the Book: An Interview with Gatecoin's Aurélien Menant". Cointelegraph. Retrieved March 20, 2018.
  2. "Aurélien Menant". StartbaseHK. Retrieved 2018-03-21.
  3. Galt, Juan (August 5, 2015). "Ethereum Network Continues Thawing Process in Anticipation of the Start of Trading". Bitcoin Magazine. Retrieved 2017-03-22.
  4. Allison, Ian (2016-04-29). "DigixGlobal adds Ethereum-based DGD tokens to Hong Kong's Gatecoin and China's Yunbi exchanges". International Business Times UK. Retrieved 2017-03-22.
  5. "Gatecoin Launches the First Exchange with Segregated Client Bank Accounts". HKSTP News and Media. Archived from the original on 2015-04-26.
  6. Gatecoin LTD at Tuspark
  7. "Gatecoin joins the Supercharger Accelerator in Hong Kong". The Merkle.
  8. "Bitcoin Startup Joins Baidu-Backed FinTech Accelerator". Coindesk.
  9. Olsen, Robert (24 May 2016). "Hackers Steal $2 Million From Bitcoin Exchange In Hong Kong, Bounty Offered To Recover Funds". Forbes.