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The cryptocurrency and blockchain exchange announced today that it will be relaunching its trading platform after suspending trading earlier this year following a breach on its system.

Hong Kong-based Gatecoin has unveiled in a blog post that trading will recommence on Wednesday, August 17 at 08:00 GMT.

Clients will be able to trade and transfer BTC, DGD, DAO (withdrawals only), REP (trading only), EUR, USD, and HKD, with no trading fees until September 1, 2016.

Partial withdrawals of Ethereum (ETH) will be enabled to ETH holders who have been affected by the hack. Gatecoin is also planning on providing this service to Ethereum Classic (ETC) owners in the future.

Supporting New Assets

From mid-September, Gatecoin is taking the steps to support new assets. These are CNY (Mainland China only), DGX (gold-backed Ethereum tokens), ETC (Ethereum Classic), in addition to enabling REP transfers to coincide with the release of Augur, a decentralized prediction market built on Ethereum, where REP is the token.


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Funding Channels

Sourcing new fundraising has been slower than expected for the digital exchange; however, the company reported that they had received their first post-hack investment of $500k USD from a Japanese investment first, in addition to several offers of interest from businesses in Greater China.

The blog states:

Due diligence and negotiations continue with each of these parties and hopefully, we’ll have some positive developments to announce soon.

New Security Procedures

Gatecoin is keen to demonstrate to their clients that an improve security system is in place for the relaunch with the blog detailing the security measures in place.

For example, round-the-clock security monitoring with constant penetration testing; servers that have been migrated to a new, more secure, server hosting provider; and the re-design of intermediary multi-signature wallet systems for all cryptocurrencies and blockchain assets.

However, while the relaunch is set for Wednesday 17 August, Gatecoin have stated that if there are any delays with the relaunch customers will be notified three days in advance.

The relaunch comes after Gatecoin halted trading after the system breach on May 14, which resulted in the loss of 250 BTC and 185,000 ETH, amounting to 15 percent of its crypto asset deposits.

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Posted by Rebecca Campbell