Even though the cryptocurrency markets have taken a serious and prolonged downturn over the past year, a growing number of cryptocurrency exchanges are seeking to establish themselves as the go-to platforms for the traders that have remained in the market.
One of these is Gate.io, the subsidiary exchange of Gate Technologies. Recently, Finance Magnates spoke with Virgilio Lizardo, the Vice President of International Affairs at Gate, about the exchange’s attempt to rise to the top.
“My Friend Introduced [Crypto] to Me Whilst We Were Out for a Drink”
Virgilio told Finance Magnates that like many, his introduction to the cryptosphere came by happenstance. “I first became involved in the industry in 2013, my friend introduced it to me whilst we were out for a drink.”
He said that although he was skeptical at first, his “interest flourished due to the Cyprus financial crisis, which was a big event in the history of Bitcoin.” Financial crises in countries around the world have a historical record of causing sudden, serious interest in Bitcoin and other cryptocurrencies.
So, “in 2015, I deeply immersed myself into the industry and joined a group of Bitcoin companies, which included the 4th largest crypto exchange and second largest manufacturer of crypto mining machines in China. It was there that I met some of the Gate Technology team, which I then joined in 2018.”
Now, Virgilio is “responsible for the strategy and implementation of Gate’s international strategies for business development, customer service, marketing and user experience. I am also a Cryptocurrency Certification Consortium certified Bitcoin professional.”
— gate.io Exchange (@gate_io) June 19, 2018
Are Standard Security Practices Enough to Give a Leading Edge?
What is Gate.io? “Gate is a blockchain asset exchange platform and is one of the leading crypto exchanges in the world. Developed fully in-house and set up in 2013, it enables enthusiasts to trade and store assets in over 100 of the leading cryptocurrencies, on a fast and secure platform,” Virgilio explained.
According to Virgilio, the things that are unique about Gate is its ease of use and security features. “Gate sets itself apart by prioritising security and experience, allowing users to have quick and easy access to assets, anywhere and at anytime,” he said.
It is true that the exchange uses industry standard security practices like 2-factor authentication and utilizes some cold storage features. However, as the cryptocurrency industry continues to mature, these practices have become rather commonplace.
Additionally, the platform has not been totally free of security mishaps. In early November, hackers targeted web analytics tool StatCounter, injecting a bitcoin-stealing piece of code. While Gate.io is not the only exchange to have used StatCounter, users of Gate.io were the only entities affected by the malicious code. To its own credit, the exchange claims that it responded as soon as it was notified of the problem.
Additionally, Virgilio explained that “Gate is unique as it has not launched its own ICO, instead it prides itself on transparency of users with low withdrawal and trading fees, no deposit fees and cold wallet storage, to guarantee further security.”
However, there have been many crypto exchanges that have launched their own crypto tokens throughout the past year, with largely successful results–and there’s nothing to say that launching an ICO will necessarily take away from developing user experience and security.
Despite the fact that Gate currently serves more than 2.2 million users, the exchange currently sits as the 36th-largest in the world in terms of trading volume (according to data from CoinMarketCap.) It’s possible that Gate.io could be higher on the list if it had a native token that provided rewards for its users, like Binance’s BNB token.
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— gate.io Exchange (@gate_io) September 22, 2018
“Different Sectors Will Be Implementing [Blockchain] Technology Across the Globe”
Of course, Virgilio sees success in his company’s future–but he also sees success across the cryptosphere. Indeed, despite the recent downturn in the cryptocurrency markets, Virgilio anticipates that the blockchain industry will only continue to grow. “I think as we are only at the beginning of the process where people, globally are learning what blockchain technology allows them to do, so I feel there could be many innovations and different sectors will be implementing the technology across the globe,” he said.
And there already have been many new implementations–“over the past year the amount of interest in Bitcoin and blockchain technology has grown immensely. People everywhere are now discovering how cryptocurrencies are allowing them to make faster, cheaper transactions.”
“Companies are now investigating the benefits that come with blockchain technology, that help them stream their verification processes and confirm transactions in an immutable. I think it will continue to grow and evolve, with people showing intense interest in the sector.”
And the future will bring even more applications–“with the technology being of an open nature, the possibilities of development are limitless. I think the amount of interest and new entrants into other spheres, such as media, technologists, politicians, and other parts of society is continuously increasing and will continue to grow throughout these platforms in the following years.”
“I Believe the Recovery Will Come Sooner than Expected”
As for the recent market downturn, Virgilio believes that “it is important to have a long perspective, looking back and forwards when it comes to cryptocurrencies.”
Indeed, despite the tremendous bear market, Virgilio explained that “the fundamentals look strong, as noted the interest in this sector is extremely intense across the world. The explosive nature of the sector in 2017 has led to consolidation and a sell-off.”
“I believe the recovery will come sooner than expected,” he added.
As such, Virgilio said that now may be the best time for new investors–retail and institutional–to enter the crypto markets. “All investors, including those in retail have a future in this open environment. We don’t need to wait for the future, it is here now,” he said. “Investors now have access to these new asset classes 24/7, 365 days a year. The technology is here, it is the new education and with many easy access points this clearly shows that industry is working rapidly to develop.”
— gate.io Exchange (@gate_io) December 15, 2018
”We Aim to Be One of the Foundational Companies”
Until that recovery comes (or even if it doesn’t), Virgilio said that “Gate will continue to grow its loyal user base, build its reputation in the industry and beyond based on honor and integrity towards our valued users and traders.”
“In 2019, we are introducing new features to Gate that our users and traders have been asking for. We are rapidly expanding our workforce to meet the demands of our valued clients and we are continuing to focus on having a more local presence in various regions around the world,” he added.
“We aim to be one of the foundational companies in this revolutionary industry for years to come,” he said. It’s a bold statement, and with an increasingly skeptical user base, competition is more fierce than ever. Is it possible? We’ll see.