Gatehub Trusts HowTo

[Cryptoarob]

Can someone explain to me briefly how to utilize the USD trust I setup in Gatehub?  Should I think of that as a "safe" account for my USD when selling positions in XRP?  Just curious what I went through all those steps for to set it up.

[corak]

In gatehub your account (wallet) is hosted on the XRP ledger.

On the XRP ledger, by default, you can only hold XRP, since that asset doesn't have any counterparty risk.

But since Gatehub is an exchange, to use it in any real capacity you will need your account to hold other types of assets. So, you need to tell the XRP ledger that your wallet "trusts" IOUs issued by them. Then, for instance, you can for instance sell XRPs for Gatehub-issued USDs. or trade Gatehub-issued BTCs for Gatehub-issued USDs. and so forth.

 

Edited December 11, 2017 by corak

[Cryptoarob]

thanks @corak

[at3n]

And if Gatehub shuts down without warning, then the Gatehub USDs will probably be worthless, so factor that into any decisions you make about holding Gatehub USD long-term.