Hong Kong-Based Gatecoin Aims to Solve International Wire Transfer Headache with New Bitcoin Exchange

A new Hong Kong-based bitcoin exchange, Gatecoin, is looking to solve two of the biggest headaches in the bitcoin trading

A new Hong Kong-based bitcoin exchange, Gatecoin, is looking to solve two of the biggest headaches in the bitcoin trading industry today: shaky security and inefficient fiat transfers.

There is no shortage of bitcoin exchanges that at some point have been the target of successful attacks or attempts sufficient to significantly disrupt operations. Gatecoin says to employ “multisig cold storage” (perhaps a combination of the two). Reducing the chances of a successful attack to close to zero, multisig wallets are becoming the new standard for exchanges.

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Gatecoin also says to be a licensed money services business in Hong Kong and employ an AML/KYC regimen through a third party. It also says to segregate client funds from its own, as well as employ third-party audits.

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Catering to an international audience, they also look to make it easier to move money in and out of the exchange. It claims to have bank accounts set up in 40 countries, making it possible to use local networks and avoid expensive wire transfers. Also offered are an “optimized wire transfer solution” and an OKPay option.

Trading fees max out at 0.6%, with discounts for higher trading volumes, market makers and members enrolled in a monthly subscription. Depending on the service level, monthly subscription fees are 0.08 or 0.8 BTC (equal to $175.00 or $17.50 based on today’s prices).

Currently, the bid/ask spread is 2.3%, a figure which may come down as it matures.

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