In September, Gatecoin crypto exchange has suffered a banking blackout. So recently, Hong Kong crypto exchange confirms its plans with new partners to resume HKD and USD banking transactions.
Thus, for 2 months due to “abrupt” back accounts, Gatecoin suspended HKD and USD transfers were held up in Hong Kong.
Thomas Gluksmann, Gatecoin marketing chief said,
“It was a major disruption to our business”.
Due to the bitcoin’s price rally, prior banking was freeze as well as within a couple of months the exchanges were 3 times more.
Currently, Gatecoin’s approach is to restart the transferring options only for 2 fiat currencies over new partner from Europe.
Gatecoin stated that both deposits and withdrawals of all USD and HKD transfers. Since it will be supporting by a licensed European payments processor and it will go live in 4-6 weeks.
The larger USD transactions for over the counter trading will power by the Swiss bank associated with an asset management house.
The exchange pledged it “will be exhaustively testing both services” until their launch.
At the moment, Gatecoin enables that users can access Bitcoin, Ethereum’s ether (ETH) and the Euro in order to buy and sell Litecoin.
Charlie Lee, its inventor, said, the reason lies behind the invention of Litecoin is not to substitute Bitcoin but as to work reliable alternative to it. Litecoin, similar to Bitcoin, works as a testing coin to the latest development in the world of virtual currency.
The main difference between Bitcoin and Litecoin is the second to offer faster and economic transactions and better storage efficiency. Therefore, it has the ability to process larger transaction volumes and users.
After this news hits, the trading value of Litecoin has increased to $71,33 dollars.