Crypto Exchange Gate.io Floats its Payment Solution Dubbed Gate Pay

Gate.io, one of the top cryptocurrency trading platforms in the world, has announced the launch of its payment gateway dubbed Gate Pay.

As announced by the exchange, the Gate Pay offshoot is its latest attempt to deepen its resolve to foster the broad adoption of crypto and blockchain technologies.

Gate.io said Gate Pay will bring cryptocurrencies as a means of payment for individuals, merchants and businesses as a whole at no cost whatsoever. Considering the assets involved, the exchange said users may be required to pay a network fee, depending on which of the 21 cryptocurrencies it is currently supporting with the service.

"Gate Pay is our next major commitment to further crypto adoption. It will bridge the gap between Web 3.0 and daily life, reducing the barriers for users and merchants to utilize cryptocurrency fully," said Dr. Lin Han, CEO, and Founder of Gate.io.

The trading platform Gate Pay technology platform will be accessible to the more than 12 million users it has accrued over the years. From the current 21 digital assets it is supporting, the exchange has assured that the Gate Pay outfit will come to support an additional 130 cryptocurrencies in the near future.

The new service is a detour from its core trading offerings which it extended to institutional investors back in May. Exchanges are known to launch their payment offshoots in order to complement their push into the broader e-commerce world. For Gate.io, however, it hopes to add other value-added services over time, including the pivot into C2C transfers and promotional handouts, amongst many other things.

"From release to later evolutions, Gate Pay will become an important step in promoting the use of cryptocurrency. To achieve this, Gate.io will constantly innovate new product concepts to enrich the functions of Gate Pay," said Feng Zhou, Director of Gate Pay, Gate MiniApp.