What is a GateHub Wallet?
In recent years there have been numerous attempts to build the ultimate crypto wallet, a wallet that specifically provides users with everything that they require.
What makes GateHub’s platform special, is that it doesn’t only store coins, but also allows you to trade them too.
Gatehub has been the number one XRP wallet since 2015, and has vowed to continue to support the token until the SEC ruling comes to a verdict.
Through the use of GateHub, you can store and send cryptocurrency, the process is even simpler and easier when done between two GateHub users.
History of GateHub
GateHub was created in 2014 by founder and CEO Enej Pungerčar.
The original intention of this wallet was for it to be used for storing Ripple (XRP), but over the years it managed to adapt and support a lot more currencies.
GateHub raised a total of €300K in funding throughout its first seed round in August 2015.
After years in the industry, GateHub invested in the XRP Ledger Foundation on 25 September 2020, an investment that holds an estimated value of $6.5 million.
Standout GateHub Wallet Features
The GateHub wallet was originally built to support Ripple (XRP), but over time gained support for other cryptocurrencies such as BTC, BCH, ETH, ETC, DASH, REP, and Spark.
GateHub has an inbuilt payment gateway that also allows you to deposit fiat currencies, however, verification is required for all customers including “crypto-only”. Most users, especially EU and North American, can expect to be verified automatically within a day.
XRPL wallets are specific for their reserve requirement of 20 XRP and negligible network fee of 0.000015 XRP per transaction. Custodial wallets are called Hosted wallets and can be operated completely free. Transfers between Hosted wallets, user’s own wallets and practically any wallet within the system are free.
When it comes to security, the wallet is open-source and as such uses third-party encryption. It does not store any recovery keys for its users, which means that if you end up losing the key you got after you registered, you cannot access your account. GateHub also uses a two-factor authentication method through SMS to help keep users safe. SMS 2FA is used only for login. After that, setting up time-based OTP is mandatory for all users and certain actions with the account and wallet are locked behind 2FA.
GateHub Pros and Cons
Pros
- Simplistic design
- All in one native XRPL wallets and custodial wallets.
- Safe to use
- Support for many altcoins
- Only you have access to your private keys
- Great mobile browser functionality
Cons
- XRPL wallet reserve specifics
- Basic trading functions due to DEX limitations
- High withdrawal fees (as transfers are free)
How to Set Up Your GateHub Wallet
Setting up your account is instantaneous and storing and trading coins is simple, especially when done between other Gatehub Members.
Create Your Account: Click on the “Sign Up” button on the top right corner of the screen and enter your email and password. Once you sign up, remember to save your recovery key and store it in a safe place such as an offline storage device.You can’t restore an account or any of its XRPL wallets if you lose access and your Recovery key. Activate your account through the email link to confirm.
Initial Setup: Sign In with your email and password and choose your account type. If you pick an individual, you are making an account for personal use. If you pick company, you intend to use it for business purposes. Once chosen, the type cannot be changed. You have to enable two-factor authentication (TOTP) as-well.
Store and Trade Coins: From the main screen, you can either deposit funds, exchange funds, or send payments. Click on the Wallet on the left side and click on “Send Payment”. You will need to enter your password and select the cryptocurrency that you want to send with the value specified. Next, enter the wallet address that you want to send the funds to. Finally, complete the transaction by clicking “Confirm”.
User Interface for GateHub Wallet
The platform looks simplistic with a clean user interface. It uses a minimal colour-scheme with two to three colors occupying the screen at any given time.
Once there, you are given clear information about your wallet’s net worth, as well as your balance and transactional history of each individual coin that you are storing within your wallet. Keep in mind that wallet NET worth should not be confused with wallet balance and wallet net worth does not display your actual wallet balance.
On mobile [browser], the user interface is extremely clean and you can access just about everything with a single tap.
The app also offers instant exchanges with XRPL and Hosted wallets and an analytics page for an overview of aggregated net worth fluctuations and money flows.
Community Engagement
GateHub’s community activity is relatively healthy and active.
GateHub’s Twitter page regularly publishes new posts about the latest news and updates for its platform. With 15,500 followers in total, the platform’s Twitter presence is moderately strong, which shows the company understands the importance of an engaged and excited community.
Gatehub In Summary
GateHub’s main drawing points are the fiat currencies and simplistic design that should be easy for anyone to understand. This leads us to the conclusion that it is an excellent platform for beginners.
The other benefits such as a built-in wallet, exchange, presence of access logs for security checks, 7 days a week support, tutorials, and fiat as well as crypto deposit support make it a platform worth anyone’s attention.
Gatehub has continued to evolve from its early days as an XRP wallet and is likely to continue in some form even if the SEC verdict rules that Ripple Labs’ project will in fact be deemed as a security.