Gate.io recently celebrated its 8-year anniversary. The bitcoin exchange platform is one of the top ten in the world. In 2017 under Tina Yuan, Gate.io’s Asia Paciﬁc vice president and CEO of Gate Korea, the platform expanded globally, moving from China into South Korea. Yuan detailed her background in the cryptocurrency world, how she got involved in Gate.io and what it has taken to grow the platform into a global industry leader.
Getting into the blockchain and digital asset field
“Entering the field of blockchain and digital assets could be seen as a “long-planned” arrangement of fate. I majored in international business at university, but I became a chef in a Michelin restaurant. Later, I obtained the qualification certificate of a psychologist during the recovery of a leg injury. And these seemingly irrelevant experiences slowly accumulate into energies – a strong sense of time and decision-making power, user psychology, and demand insights. In my current position, these unique experiences allow me to approach problems differently.”
She left the United States in 2017 to return to China, where blockchain was a viral trend. She attributes her interest in the new investment method to the exponential rise of litecoin (LTC) and bitcoin (BTC). She then began to explore blockchain by buying coins and attending industry gatherings. She was also invited to attend the Blockchain Whampoa Academy, which is how she entered into the field.
On a trip to Silicon Valley in San Francisco, she was introduced to Han Lin, the founder of Gate.io. She says that his values are decent and pure, something she finds to be unique in the exchange market. She continued that he wants to do everything as well as possible, he fully trusts his colleagues and is calm in the face of adversity. She went on to join Gate.io in November 2017.
Gate.io’s global expansion roadmap, starting in South Korea
“At the beginning, the project failed to meet expectations, and I was anxious in the face of pressure. But the charm of the so-called pioneering kept me going. You never know what is waiting ahead of you. Groping forward with obstacles and overcoming them is also the most exciting challenge.”
Yuan explained that while South Korea was the first stop on Gate.io’s global roadmap, it wasn’t an easy place to win over. She faced difficulties in South Korea’s male-dominated business world, as well as dealt with a deceitful agent. She said that despite the difficulties she persevered. Once demand in the market arose, she moved fast to begin product testing, company site selection, registration, and recruitment. The first steps in Gate.io’s global expansion.
At the beginning of 2018, a Gate Korea team of over ten people existed. South Korea’s largest social software, Kakao’s global public blockchain project Klaytn was on board and ready to launch on Gate.io. Yuan said that because there were no fiat deposits and withdrawals, Gate.io became the second choice for South Korean users. She said that users and traffic from Southeast Asia began to climb, bringing brand awareness, exposure and gained recognition.
Geographical breakdown of the Gate.io user base
“The globalization trend of digital currency is irreversible, and our steps of globalization have never stopped. In the course of 8 years, the number of users of Gate.io has been increasing rapidly. At present, we have around 4 million users, distributed in many countries and regions around the world, and the annual search volume of brand names is nearly 10 million.”
Gate.io Group has attached importance to the compliance of the business, and it has started its compliance deployment around the world since its incorporation, including applying related license in various jurisdictions, like Malta and Singapore, and now is extending to more jurisdictions.
Yuan said that as long as users in a specific location need digital assets, Gate.io will continue to expand globally. She said that in the course of 2021 Gate.io plans to allow for the deposit and withdrawal of fiat currency. This will enable credit card users in even more countries to trade digital assets more conveniently.
Gate.io turns 8
“As we all know, the GateChain mainnet has been online for some time, and the EVM smart contract mainnet pressure test and cross-chain are being deployed recently. As GateChain has the advantages of high throughput and extremely low handling fees, large-scale DeFi applications will be built on it later, and projects that require universal access and large-scale throughput will be applied to GateChain as well. It is expected to be officially released in early May and this is also what I am looking forward to very much.”
To celebrate their eighth anniversary, Gate.io orchestrated a drone show in Wuhan. Just under one thousand drones were aligned to create Gate.io’s logo, the anniversary slogan, mascot, birthday cake, and more.
Gate.io recently launched Gate.io NFT Magic Box Platform. This is the world’s first centralized NFT trading platform. Yuan said the focus here is on the creative incubation and asset management of NFT artworks in the blockchain digital currency field.
The independent innovation of the GateChain public chain and cross-chain protocol will give artists and NFT institutions low-cost and high-performance blockchain technology support.
This gives artists the space to focus on their work, says Yuan, while enjoying Gate.io’s 4 million worldwide users. Artists will also benefit from the ultra-high liquidity of the market, with one million incremental users empowering the NFT works.
Gate.io’s security infrastructure
“For digital currency exchanges, security is the bottom line of the platform and the most basic line of defense. Gate.io has been committed to safety ever since it was founded. In addition to the separation of hot and cold wallets, we also have backup private keys in many parts of the world. In addition, Gate.io has also made many innovative measures. For example, we are the first platform to invest hundreds of millions of yuan to provide a “safety and legal fund” for the safety of user assets. In the event of an emergency security incident, we will bear the losses for users and provide a security guarantee for users’ blockchain assets.”
Countering challenges from DEX
“We will use GateChain as the foundation to deal with the challenges brought by DEX. GateChain is a high-performance public chain with a unique vault account mechanism that innovatively solves the problem of user assets being stolen and damaged. The underlying structure of up to 2000TPS and high throughput lays a solid foundation for the DeFi ecosystem and supports thousands of consensus nodes. A truly decentralized public chain can effectively solve the pain point of the high transfer fee of Ethereum.”
How GateChain innovates differently
“In June 2020, the GateChain Mainnet 1.0 was officially launched, including features like: retractable stolen funds, retrievable funds for lost private keys, anti-quantum attack, barrier-free PoS mining, double rewards loyal nodes, and high-performance consensus framework, supporting 18 innovative features such as one-click chain distribution. At the same time, GateChain supports desk-top wallet services and monitoring alarm services that support desktop wallets, mobile Android App wallets, Apple iOS App wallets, Web wallets, fingerprint hardware, and multi-signature wallets, providing a full range of security solutions for the personal and financial industries.”
In 2018 Gate.io worked hard to solve asset security issues through the use of decentralized methods. It suggested a retractable transaction model and a clearing model. Through the suggestion of a vault account, a key innovation of GateChain was formed.
Yuan shared that GateChain will also focus on cross-chain, smart contracts, DEFI, DEX, privacy protection, and more. It will solve the problem of cross-chain assets between GateChain and mainstream networks like BTC, ETH, Cosmos, Polkadot, and Zcash.
Advantages of DEX HipoSwap
“HipoSwap can automatically find the market price without relying on the price feed of the oracle machine. Except for the liquidity provider, there is no maker entry in the Uniswap protocol and all other transaction users must become Taker. For users with large transaction volume trading needs, the slippage of the taker is too large. The HipoSwap agreement provides maker users with a channel to place orders at market prices.
“For users who have a large amount of trading funds and are not in a hurry to make a transaction immediately, they can provide liquidity to the market through the maker interface, while effectively reducing slippage for themselves and earning the taker handling fee. Regardless of market fluctuations, the transaction cost of maker users can be effectively reduced. At the same time, because of the existence of the maker, the taker can not only obtain liquidity through CPMM’s LP Pool (Liquidity Pool) but also can directly trade with the maker pool, effectively reducing slippage and lowering taker handling fees.”
The DeFi Ecosystem and Labs Incubator Program
“In order to discover excellent blockchain start-up teams and help those temporarily small but potentially great blockchain dreams, on February 20, 2021, we have launched the DeFi ecosystem and Labs incubator program for the first time. In the early stage, Gate.io Labs will provide 50 million U.S. dollars (equivalent virtual currency) “seed funds” ranging from tens of thousands to millions of dollars to fully support the start-up team to focus on perfecting their projects, including project implementation, product development, and service optimization.”
The incubator team will also provide a full range of support and incentives, including:
- launching the GateChain DeFi exchange and lending platform
- high-quality projects have the opportunity to get more user support through Gate Startup and launch their project on the Gate.io main web, getting follow-up investment opportunities from Gate.io Labs.
- liquidity incentives have been introduced to provide liquidity support for projects that pass security audits, helping high-quality projects to maintain healthy and stable growth
- outstanding start-up projects may be selected to launch at Gate.io Startup, and will have priority access to the GateChain ecosystem.
Gate.io Labs will assist outstanding start-up teams in launching their own creative projects. It will also enable startups to meet market demands to create innovative products and high-quality services. Since 2020, just under 80 startups have been launched on Gate.io, with the highest return rate of 8233%. This is a testament to the trust between Gate.io and the start-up projects.
Predictions about Bitcoin
“Our founders and I share the same views on the price of Bitcoin. We do not predict the price trend but hold Bitcoin long-term.”