With the prosperity of the crypto market, more and more people have begun to invest in and use cryptocurrency. At the same time, the crypto industry faces many security concerns, such as hacks, private key loss, and exchange closures. It was once hard to imagine a major centralized cryptocurrency exchange collapsing in a matter of days, such as what happened with FTX. That incident sounded an alarm that reverberated throughout the crypto industry.
If it wasn’t already, the FTX collapse put asset security at the top of every crypto user’s mind. And more than ever, investors should understand how to navigate the crypto world. For example, what is the difference between a CEX and a DEX? Does my exchange suit my needs? How do I safeguard my private keys? Does an exchange really hold my cryptocurrency in reserves? These are questions every crypto trader should know the answer to.
In response to high-profile security incidents, Gate.io, one of the world’s largest and longest-running exchanges, is reinforcing its comprehensive security solutions.
The world’s first platform to promise 100% reserves
In 2020, Gate.io became the first exchange to guarantee that it holds 100% of client deposits in reserve. This feat was accomplished by combining a third-party audit and Merkle tree data, which allowed individual clients to cryptographically verify reserves data collected by Armanino LLP, a top 25 accounting firm in the US. Just last year, Gate.io again committed to openness and transparency when it began another reserves audit, which was later completed and published by Armanino. Once again, Gate.io showed it holds 100% of client assets in reserve.
User Security Asset Fund: Gate SAFU
In 2019, Gate.io introduced Gate SAFU (Secure Asset Fund for Users) to provide clients with further guarantees. Valued at over $100 million, Gate.io has built this fund since 2019 to protect client deposits, ensuring that clients’ funds are covered in a worst-case scenario. Gate.io has committed to continue funding Gate SAFU to strengthen the level of security provided to clients.
Gate Wealth: Professional Wealth Management Services
To provide professional, comprehensive, and customized wealth management services to global crypto investors, Gate.io plans to launch Gate Wealth, a professional wealth management platform for wealth and asset managers aiming to serve individual investors, institutional investors, and high-net-worth individuals.
The overall goal of Gate Wealth is to provide each client with the services they need to meet their investment goals without compromising on features or security. Gate.io believes that Gate Wealth will bring global crypto investors a better investment experience and opportunities.
Since its establishment in 2013, Gate.io has strictly adhered to legitimate traffic and volume reporting, passing all three credibility tests from Coin Metrics. In addition, the exchange does not charge any listing fees for newly listed projects or assets.
Through professional and comprehensive asset security solutions such as 100% reserves, Gate SAFU, and Gate Wealth, Gate.io expects further to maintain the healthy and stable development of the platform and continue to provide clients with high-quality services and a safe, fair, and transparent trading environment.