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That was the year that was - 2020 Crypto Wrap-up

2021-01-01 09:54:01Read:12159

What a year it has been; we have witnessed cryptocurrencies taking a spectacular run, with Bitcoin reaching the ATH of USD 29 K, quadrupling in value during the year, and taking a massive adoption trajectory worldwide. The global market witnessed several catalysts emerging for mainstream adoption with the crypto market on a boom as we close the year.

They say that the best way to predict the future is to invent it, but the next best way is to invest in it. And, there has been no better time for it than now.

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It all started in Jan when Covid-19 hit us, and within months the global economy was affected significantly. By the end of the first quarter, Bitcoin sank below $4k, but trends started reversing from April onwards, and the mid-year halving in May set the stage for the staggering growth that we have witnessed. Predictions began to surface that Bitcoin may touch $90,000 or higher, and it is already up by over 88% since halving, floating at 29,150.00 USD at the time of writing.

Here are three other significant events that have been equally instrumental in defining the trends.

Defi Summer
DeFi ruled the 2020 summer with decentralized finance, cryptocurrency financing, and yield farming’ on blockchain-based smart contracts. As of November 2020, over $13 B are already locked in DeFi.

Institutional Investments
October brought an institutional wave, making cryptocurrencies more accessible. Payment giant PayPal launched a new service enabling users to buy, hold and sell cryptocurrency. Square purchased $50 million of bitcoins as an asset. MicroStrategy now holds over $780 million in BTC in treasury. These events led to a dramatic increase in BTC awareness and a stunning rise in in BTC value. With all these institutional investments (and more!), the daily BTC supply keeps getting bought up, and then some. It won’t be long until the

ETH 2.0
On December 1, one of the most anticipated events of the year took place, and Ethereum 2.0 Beacon chain went live. And we’re so happy at to support ETH 2.0 staking for our users! ETH has an exciting roadmap for 2021.

December saw the last major event of the year with China rolling out the second digital yuan pilot. Earlier this year, China had successfully piloted the CBDC pilot in Shenzhen and witnessed 3.1 million digital yuan smooth transactions between April and August 2020, making it the most widely used central bank digital currency (CBDC) ever. Other crucial and more relevant CBDC projects were piloted in the Bahamas, Eastern Caribbean, South Africa, and Sweden, with a few seeing successful launches completions.

With all your support, too has witnessed magnificent growth in 2020, with our global user base rising by more than 18%. We also made tremendous progress in geographies like LatAm, Turkey, and Vietnam. We sincerely thank you for being a part of this journey.

While 2020 has been a wild ride for sure, we are bullish on 2021. As we all go into the new year's eve in a few hours, we cannot wait to share our achievements with all of you.

GateChain Mainnet Launch – In June 2020, we launched GateChain Mainnet, aiming to bring 100 % blockchain fund security, a public blockchain with an innovative Vault Account feature that can revoke stolen funds.

Options Trading – In July, we also launched the Options trading feature, adhering to our vision of providing flexible, transparent, and secure digital asset products.

DeFi Eco on GateChain - In Aug 2020, we announced building a highly-secure GateChain DeFi network featuring stablecoin (USDG), Decentralized Exchange (DEX), Decentralized loan and liquidity mining.

Upgraded our IEO platform, Startup helping Projects raise over $ 46 Million in 2020 - We released an upgraded version of its IEO platform, Startup 2.0; KardiaChain and Meter, the two projects that launched their IEOs on Startup in 2020, raised over 46 million dollars in funds, bringing considerable returns to their investors.

Launched ETH2 Staking Solution – In December 2020, we launched a flexible ETH staking solution for its users. It is supported by a stable Ethereum infrastructure and maturity asset management solution. The solution enables users to earn a staking reward without needing to lock their ETH in ETH2 for a long time or worry about ETH2 penalties.

First-ever mainstream exchange to receive a 100% proof of reserves - We received a 100% "proof of assessment" certificate after completing a thorough audit performed by the leading accounting firm
Armanino LLP. We also partnered with Hacken to boost our fund security mechanism.

Launched Wallet S1, a hardware wallet with fingerprint recognition technology - Launched hardware wallet, Wallet S1, to help users with their assets and private keys' safety, security, and storage.

Travala partnership – We announced a partnership with, the world's leading crypto-friendly hotel booking platform. The strategic partnership will integrate GateToken (GT) on the travel website's platform; users can book over 2.2 million hotels across 230 countries.

Listed over 50 DeFi tokens – We have listed over 50 DeFi projects in the past three months, and we continue to list the most innovative DeFi projects for over 3 million users worldwide.

Donation program for COVID-19 victims - We initiated a program that focuses on the directional donation of protective equipment types to help the COVID -19 victims in China.

Our team is working relentlessly to give you a fantastic suite of crypto trading solutions in the coming year. We encourage you to check out our social handles to be on top of all things crypto.

Before you celebrate with your friends and family, here is a small dialogue from Lord of the rings

Frodo - "I wish it need not have happened in my time."

Gandalf - "So do I, and so do all who live to see such times. But that is not for them to decide. All we have to decide is what to do with the time that it gives us."

We cannot find words that are more fitting to what we are experiencing right now. Eventually, what will matter is how we react to this situation, defining us as a community.

Happy New Year, everyone!

Marie Tatibouet & the entire Team

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