Guest Posted March 30, 2017 Share Posted March 30, 2017 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. Link to comment Share on other sites More sharing options...
Guest Posted March 30, 2017 Share Posted March 30, 2017 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. Link to comment Share on other sites More sharing options...
faz Posted March 30, 2017 Share Posted March 30, 2017 look forward to hearing gatehubs reply . Link to comment Share on other sites More sharing options...
MundoXRP Posted March 30, 2017 Share Posted March 30, 2017 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 Link to comment Share on other sites More sharing options...
Mercury Posted March 30, 2017 Share Posted March 30, 2017 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 Link to comment Share on other sites More sharing options...
Guest Posted April 2, 2017 Share Posted April 2, 2017 anyone form gatehub? (obviously i know it's the weekend right now but this week...) Link to comment Share on other sites More sharing options...
Guest Posted April 21, 2017 Share Posted April 21, 2017 la la la la... any reponse from @gatehub @enej ?? Link to comment Share on other sites More sharing options...
kanaas Posted April 21, 2017 Share Posted April 21, 2017 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. Link to comment Share on other sites More sharing options...
rdot Posted January 14, 2021 Share Posted January 14, 2021 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. Link to comment Share on other sites More sharing options...
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