Gate.io, a cryptocurrency trading company, is set to launch a new cryptocurrency exchange, GateTR, tailored to Turkey’s cryptocurrency market. The new platform was developed by the firm’s team over the last six months, Gate.io said.
The Gate.io Founder and CEO, Dr Lin Han, will announce the new venture at the Istanbul Blockchain Week, the firm announced on Monday, noting that it will kick off a non-fungible token airdrop
Airdrop
An airdrop is defined as the distribution of a cryptocurrency token to numerous wallet addresses, in most instances free of charge.Airdrops are primarily utilized as a way of a project garnering higher levels of attention and new followers. Such efforts are important in culturing a larger user-base and a wider disbursement of coins.Airdrops can be seen as a marketing tool. They are usually used as a promotional effort to encourage liquidity in the markets for these coins, since users are more likely to trade them. There are two ways that token creators select the recipients of air-dropped tokens.Recipients can be selected in a randomized way, or rewarded for helping promote tokens. For example, publishing an event in airdrop-related bulletin boards or newsletters. This was commonly used with Ethereum accounts whose value was higher than a defined threshold. In this instance, many accounts were gifted with unsolicited airdropped tokens. Airdrops ExplainedAs a more established marketing technique, several websites now also exist to help promote cryptocurrency airdrops. Social media also is a powerful tool for airdrops, helping spread news and build up enthusiasm.Airdrops are seen as a reward for promotional efforts by users. This symbiotic relationship helps all parties. For example, cryptocurrency proponents can be rewarded with free cryptocurrency by supporting projects who release coins through an airdrop. Airdrops traditionally have basic requirements such as joining a certain Telegram channel, retweeting a tweet, or inviting new users to a project.Airdrops do not involve the contribution of capital towards any project however. Doing so is considered to be an Initial Coin Offering (ICO).
An airdrop is defined as the distribution of a cryptocurrency token to numerous wallet addresses, in most instances free of charge.Airdrops are primarily utilized as a way of a project garnering higher levels of attention and new followers. Such efforts are important in culturing a larger user-base and a wider disbursement of coins.Airdrops can be seen as a marketing tool. They are usually used as a promotional effort to encourage liquidity in the markets for these coins, since users are more likely to trade them. There are two ways that token creators select the recipients of air-dropped tokens.Recipients can be selected in a randomized way, or rewarded for helping promote tokens. For example, publishing an event in airdrop-related bulletin boards or newsletters. This was commonly used with Ethereum accounts whose value was higher than a defined threshold. In this instance, many accounts were gifted with unsolicited airdropped tokens. Airdrops ExplainedAs a more established marketing technique, several websites now also exist to help promote cryptocurrency airdrops. Social media also is a powerful tool for airdrops, helping spread news and build up enthusiasm.Airdrops are seen as a reward for promotional efforts by users. This symbiotic relationship helps all parties. For example, cryptocurrency proponents can be rewarded with free cryptocurrency by supporting projects who release coins through an airdrop. Airdrops traditionally have basic requirements such as joining a certain Telegram channel, retweeting a tweet, or inviting new users to a project.Airdrops do not involve the contribution of capital towards any project however. Doing so is considered to be an Initial Coin Offering (ICO). Read this Term campaign after the launch.
Cryptocurrency adoption is high in Turkey as a recent research report by Paribu, a Turkish crypto exchange found that there are at least 8 million people in Turkey involved in crypto.
“On GateTR, users can trade cryptocurrency, buy or sell using Turkish Lira, and withdraw to local bank accounts. Moreover, users can transfer between their Gate.io accounts and GateTR free of charge, and the exchange will share the same crypto listing policy as Gate.io to the furthest extent available in Turkey,” Gate.io explained.
Additionally, the firm noted that while the new cryptocurrency exchange is being flagged off with a spot trading feature, other products and services will be added later on. “And, in Q1 2023, GateTR will announce new collaborations to bring crypto into people’s daily lives, connecting crypto payments with areas such as transportation, travel, shopping, and more,” the company explained.
Expansion Plans
The launch of the new platform is part of Gate.io’s efforts to establish its global footprint in the digital assets industry. In September, the Gate.io Group completed its virtual asset service provider registration in Lithuania, which is one of the fastest-growing cryptocurrency markets in Europe. Earlier in May, the crypto trading firm launched the Gate Institutional, an institutional services arm targeted at market makers and brokers.
Furthermore, Gate.io noted that in this year alone, it has received licensing and registrations in top cryptocurrency markets such as Malta, the United States and Dubai in 2022.
Proof of Reserves
Meanwhile, Gate.io disclosed that it recently released its Merkle Tree Proof of Reserves (PoR) audit on GitHub, an open-source platform. The cybersecurity firm, Halborn defines PoR as “a trusted way for users of crypto assets to verify that the balances they hold on exchanges are backed by real assets.”
Gate.io’s action is in line with the renewed market interest in PoR following the fall of FTX, a once-leading cryptocurrency trading platform. Finance Magnates reports that Binance and Crypto.com have both harped on the importance of PoR in the cryptocurrency industry.
Gate.io, a cryptocurrency trading company, is set to launch a new cryptocurrency exchange, GateTR, tailored to Turkey’s cryptocurrency market. The new platform was developed by the firm’s team over the last six months, Gate.io said.
The Gate.io Founder and CEO, Dr Lin Han, will announce the new venture at the Istanbul Blockchain Week, the firm announced on Monday, noting that it will kick off a non-fungible token airdrop
Airdrop
An airdrop is defined as the distribution of a cryptocurrency token to numerous wallet addresses, in most instances free of charge.Airdrops are primarily utilized as a way of a project garnering higher levels of attention and new followers. Such efforts are important in culturing a larger user-base and a wider disbursement of coins.Airdrops can be seen as a marketing tool. They are usually used as a promotional effort to encourage liquidity in the markets for these coins, since users are more likely to trade them. There are two ways that token creators select the recipients of air-dropped tokens.Recipients can be selected in a randomized way, or rewarded for helping promote tokens. For example, publishing an event in airdrop-related bulletin boards or newsletters. This was commonly used with Ethereum accounts whose value was higher than a defined threshold. In this instance, many accounts were gifted with unsolicited airdropped tokens. Airdrops ExplainedAs a more established marketing technique, several websites now also exist to help promote cryptocurrency airdrops. Social media also is a powerful tool for airdrops, helping spread news and build up enthusiasm.Airdrops are seen as a reward for promotional efforts by users. This symbiotic relationship helps all parties. For example, cryptocurrency proponents can be rewarded with free cryptocurrency by supporting projects who release coins through an airdrop. Airdrops traditionally have basic requirements such as joining a certain Telegram channel, retweeting a tweet, or inviting new users to a project.Airdrops do not involve the contribution of capital towards any project however. Doing so is considered to be an Initial Coin Offering (ICO).
An airdrop is defined as the distribution of a cryptocurrency token to numerous wallet addresses, in most instances free of charge.Airdrops are primarily utilized as a way of a project garnering higher levels of attention and new followers. Such efforts are important in culturing a larger user-base and a wider disbursement of coins.Airdrops can be seen as a marketing tool. They are usually used as a promotional effort to encourage liquidity in the markets for these coins, since users are more likely to trade them. There are two ways that token creators select the recipients of air-dropped tokens.Recipients can be selected in a randomized way, or rewarded for helping promote tokens. For example, publishing an event in airdrop-related bulletin boards or newsletters. This was commonly used with Ethereum accounts whose value was higher than a defined threshold. In this instance, many accounts were gifted with unsolicited airdropped tokens. Airdrops ExplainedAs a more established marketing technique, several websites now also exist to help promote cryptocurrency airdrops. Social media also is a powerful tool for airdrops, helping spread news and build up enthusiasm.Airdrops are seen as a reward for promotional efforts by users. This symbiotic relationship helps all parties. For example, cryptocurrency proponents can be rewarded with free cryptocurrency by supporting projects who release coins through an airdrop. Airdrops traditionally have basic requirements such as joining a certain Telegram channel, retweeting a tweet, or inviting new users to a project.Airdrops do not involve the contribution of capital towards any project however. Doing so is considered to be an Initial Coin Offering (ICO). Read this Term campaign after the launch.
Cryptocurrency adoption is high in Turkey as a recent research report by Paribu, a Turkish crypto exchange found that there are at least 8 million people in Turkey involved in crypto.
“On GateTR, users can trade cryptocurrency, buy or sell using Turkish Lira, and withdraw to local bank accounts. Moreover, users can transfer between their Gate.io accounts and GateTR free of charge, and the exchange will share the same crypto listing policy as Gate.io to the furthest extent available in Turkey,” Gate.io explained.
Additionally, the firm noted that while the new cryptocurrency exchange is being flagged off with a spot trading feature, other products and services will be added later on. “And, in Q1 2023, GateTR will announce new collaborations to bring crypto into people’s daily lives, connecting crypto payments with areas such as transportation, travel, shopping, and more,” the company explained.
Expansion Plans
The launch of the new platform is part of Gate.io’s efforts to establish its global footprint in the digital assets industry. In September, the Gate.io Group completed its virtual asset service provider registration in Lithuania, which is one of the fastest-growing cryptocurrency markets in Europe. Earlier in May, the crypto trading firm launched the Gate Institutional, an institutional services arm targeted at market makers and brokers.
Furthermore, Gate.io noted that in this year alone, it has received licensing and registrations in top cryptocurrency markets such as Malta, the United States and Dubai in 2022.
Proof of Reserves
Meanwhile, Gate.io disclosed that it recently released its Merkle Tree Proof of Reserves (PoR) audit on GitHub, an open-source platform. The cybersecurity firm, Halborn defines PoR as “a trusted way for users of crypto assets to verify that the balances they hold on exchanges are backed by real assets.”
Gate.io’s action is in line with the renewed market interest in PoR following the fall of FTX, a once-leading cryptocurrency trading platform. Finance Magnates reports that Binance and Crypto.com have both harped on the importance of PoR in the cryptocurrency industry.
