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Connect a gateway vs. creating a trustline


T8493
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When I click on "Connect a Gateway", GateHub wants to have my phone number, photo, name, profile and docs.

However, they already have my name, profile and docs. Why do I need to provide all this stuff again if I can just add a trustline?

How is "Connect a Gateway" option different from simply adding a trustline?

What exactly happens when I "Connect a Gateway"?

 

 

 

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Hi @T8493, great question !

When you click "Connect a Gateway" you essentially become their customer.

Right now it probably doesn't make any sense because the only two available gateways are GateHub and GateHub Fifth (both operated by GateHub Ltd.).

As we start adding more gateways (not operated by GateHub Ltd.) this will make perfect sense. Once a gateway is connected you can use any of the funding method provided by that gateway (for example GateHub supports SEPA and Wire transfers while GateHub Fifth supports ethereum and REP).

Here's exactly what happens when you "Connect a Gateway":

  • You agree to their terms of use (this step is currently skipped as it's redundant)
  • You allow them to access your personal information (your documents get encrypted with gateways PGP key so they can access them)
  • You create a trustline for the chosen currency and gateway

Depending on required verification level for a specific currency you will be prompted to add additional personal information. Some gateways with lower required levels will automatically accept you (like Fifth which currently only requires a verified phone number) while others will have to accept and verify you manually.

Gateways that you do not connect will not be able to access your information.

In the future we hope to enable gateways good enough tools for automatic KYC which would allow you to connect a gateway without having to wait for a verification (hint Global iD).

P.s.: We only require information that we do not have in our system. Migrated Ripple Trade customers have to re-upload documents and add personal information again because we were not able to securely transfer existing Ripple Trade data to our system. This only applies if they want to "Connect a Gateway". If they only want to use ripple wallet features no additional information is required (this includes adding trustline manually).

 

 

Edited by enej
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