Gatehub question

[Guest]

Hi Gatehub

Question: are funds within your wallet insured? On your website it says:

Quote

Safely stored in one of your trusted gateways. We make sure your money is always safe and 100% backed.

What's meant by backed here? Let's use for example XRP. Backed by actual 100% XRP? Or the EUR equivalent?

What happens in the event of a hacking or fault on your side... are any funds I put there protected i.e. insured/guaranteed? 

Thank you.

[Guest]

oh also I noticed a typo, just fyi on the main page

Quote

Get a comperhensive view of all your assets on a single page. See exactly which asset has been decreasing or appreciating in value.

 

[faz]

look forward to hearing gatehubs reply .

[MundoXRP]

I'm pretty sure they mean that they hold all they xrp they claim to have. So backed by actual 100% xrp. They can clarify for you further.

@gatehub @enej

[Mercury]

I believe Gatehub has already addressed these issues on this forum, but can't find the exact post just now.

They operate under UK jurisdiction and are a regulated financial service which means they have certain duties and obligations, one is the safe storage of customer assets.

I will let @enej, @gatehub provide specifics though

[Guest]

anyone form gatehub? (obviously i know it's the weekend right now but this week...)

[Guest]

la la la la... any reponse from @gatehub @enej ??

[kanaas]

On 30-3-2017 at 11:17 AM, zerpdigger said:

Hi Gatehub

Question: are funds within your wallet insured? On your website it says:

What's meant by backed here? Let's use for example XRP. Backed by actual 100% XRP? Or the EUR equivalent?

What happens in the event of a hacking or fault on your side... are any funds I put there protected i.e. insured/guaranteed? 

Thank you.

100% backed means that they can instant repay all clients 100% and that for whatever asset or IOU that they have on their records. That does NOT include instant trading. Say you've 1M XRP and USD/XRP rade is 0.01 you first have to trade those XRP and after that trade has finished you can withdraw those 10000 USD. 100% XRP backed means that for all hosted wallets they must have the total amount of XRP somewhere in a cold wallet. For all USD, EUR, BTC it means that they must have all those IOU's somewhere available to let everybody withdraw to whatever external account.

[rdot]

Well, at this point I can tell you what it DOESNT mean. 

It doesn’t mean that your crypto assets are safe. 

It doesn’t mean that if there is a hack and your coins are stolen that you will get them back. 

This became evident with the hack in 2019. Instead of replacing customers’ stolen coins they direct the customers to contact a French lawyer.