GateHub’s issued tokens
GateHub has issued several tokens. How do they work?
What is GateHub?
GateHub is a payment gateway platform that allows you to buy, sell, trade and store digital currency.
For a complete list of their services, you can visit their site here => GateHub
What tokens has GateHub issued?
GateHub has currently issued 16 different tokens on the XRP Ledger (XRPL), including XAH, USDT, USDC, GALA, WXRP, Flare and SGB, along with stable coins such as EUR, USD, GBP and others.
Do these tokens have any value?
Yes. Here's a good example of how a token's value works.
On October 29-2023, GateHub issued 500,000 XAH tokens (GH-XAH) on the XRP Ledger. At the same time, they moved 500,000 XAH coins into their reserves to back their issued tokens with XAH on the Xahau network. By doing this, each one of the GH-XAU tokens has a XAH coin on the Xahau network to back it up.
It might help to think of the GH-XAH tokens as if they are 'IOUs' for the XAH coins which exist on the Xahau network. GateHub will exchange the GH-XAH tokens issued on the XRPL for XAH coins on the Xahau network.
Why would I want any of these tokens?
The tokens that GateHub has issued on the XRPL are directly linked to the actual asset.
For example, if you hold a GateHub issued SGB token (GH-SGB) on the XRPL, you can exchange it 1:1 into “real” SGB on the GateHub platform.
By owning GH-SGB the XRPL you can take advantage of all of the great features on the XRPL has to offer. (Low fees, fast settlement, secure platform, eco-friendly, etc.) The same applies to Flare, USDC, USDT, GALA and all the other tokens GateHub has issued. By owning the Gatehub token, you basically own the asset on the XRPL.
Perhaps the best part, is that all of these tokens can be traded on the XRPL DEX so you can take advantage of the XRPL’s speed and super cheap fees. Imagine being able to make trades on the Ethereum network that can complete in under 5 seconds at the cost of under 1 penny per trade. With these issued tokens, you can do this on the XRPL, even though the native asset is on a different blockchain.
You get all the advantages of the XRP Ledger with these tokens. Speed, reliability, the DEX, the low fees and of course, you can manage them all with Xaman!
What is a stable coin?
Stable coins are cryptocurrencies whose value is tied to that of another currency, commodity, or financial instrument.
Let's look at the EUR stable coin.
The EUR token that Gatehub issued is “pegged” to the Euro fiat currency. This means that 1 EUR stable coin will always hold a value near 1 EUR. The value is kept stable by the trust that Gatehub holds sufficient assets and that it is acting in a transparent way.
You can read more about how this works here:
How do I "cash out" a stable coin?
This feature has been integrated into Xaman (formerly Xumm). This article explains how it works:
pageCashing out with GateHubWhat about the SGB token?
In September 2021, Flare Networks launched a proprietary canary network called Songbird. They issued 15 Billion SGB tokens on the Songbird network.
On October 11-2021, Gatehub issued 1,594,2003 SGB tokens on the XRP Ledger.
While both tokens have the same symbol, SGB, they exist on different networks.
You can not send a GH-SGB token directly to the Songbird network and you can not send a Songbird coin directly to the XRP Ledger. They are different assets issued on different blockchains.
Gatehub will allow you to exchange your GH-SGB tokens issued on the XRPL for SGB issued on the Songbird network and vice versa.
How about the USDT and USDC tokens?
USD Tether and USD Coin are stable coins issued on the Ethereum network using the ERC-20 standard and are back by USD fiat currency.
On February 12-2022, Gatehub issued 500,000 USDC tokens and 499,998 USDT tokens on the XRP Ledger.
Just like the SGB token discussed above, both the USDC and USDT tokens issued on the Ethereum blockchain are not compatible with the XRPL. While they share the same symbols as their XRPL counterparts, they exist on different and incompatible networks.
You can not send an XRPL token directly to the Ethereum network and you can not send an Ethereum token directly to the XRP Ledger. They are different tokens issued on different blockchains.
Gatehub will allow you to exchange USDT and USDC tokens issued on the XRPL for USDC and USDT tokens issued on the Ethereum network and vice versa.
…and the Gala and WXRP tokens?
As you might have guessed by now, the same applies to GALA and WXRP.
WXRP is wrapped XRP that can be used on the Ethereum network and the GALA token is the main cryptocurrency used in the Gala Games Ecosystem. Both were issued on the Ethereum network using the ERC-20 standard
On February 12-2022, Gatehub issued 1,000,000 GALA tokens and 500,000 WXRP tokens on the XRP Ledger.
Both the GALA and WXRP tokens issued on the Ethereum blockchain are not compatible with the XRPL. While they share the same symbols as their XRPL counterparts, they exist on different and incompatible networks.
You can not send an XRPL token directly to the Ethereum network and you can not send an Ethereum token directly to the XRP Ledger. They are different tokens issued on different blockchains.
Gatehub will allow you to exchange GALA and WXRP tokens issued on the XRPL for GALA and WXRP tokens issued on the Ethereum network and vice versa.
How do I bring my USDC, USDT, GALA, WXRP from Ethereum to the XRPL?
You need to visit Gatehub and create an account on their platform. Once you have done that, you can send your coins to your account with them and convert the coins to their XRPL equivalent.
If you have any questions about this process, you can contact Gatehub support at:
How do I convert my Gatehub issued USDC, USDT, GALA or WXRP back to Ethereum based tokens?
If you have purchased any of the tokens issued by Gatehub on the XRP Ledger and you are interested in “cashing out” or converting them to their counter part on another network, you need to visit Gatehub and create an account on their platform. Once you have done that, you can send your tokens from Xaman (formerly Xumm) to your account with them and Gatehub will convert them for you.
For more information about this process, you can contact Gatehub support at:
What about other exchanges (Uphold, Coinbase, Binance, etc.) Will they accept any of Gatehub's 16 issued tokens?
There are three questions that need to be answered:
Does your exchange support the XRP Ledger?
If the answer is yes, which tokens on the XRPL does your exchange support?
What criteria did your exchange use to determine which tokens to support?
When it comes to any token issued on the XRP Ledger, it all comes down to trust.
Any exchange can easily honor Gatehub’s issued tokens and Gatehub can easily honor any other tokens issued on the XRPL. It comes down to who Gatehub trusts and who trusts Gatehub.
Unfortunately we do not keep track of which exchanges support which tokens. You can reach out to your exchange and ask them.
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