Gate.io, one of the major crypto exchanges in operation and situated in the United States, plans to expand into the payments industry.
Gate Pay was developed based on the opinion of Gate.io management that cryptocurrencies may become widely used payment methods as opposed to only assets.
Additionally, the corporation feels that such a step is consistent with the broader objective of bridging the so-called “divide between blockchain and everyday life.”
Gate Pay will initially accept payment in 20 cryptocurrencies, with intentions to expand to 130 in the future.
“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 utilise cryptocurrency fully,” said Dr. Lin Han, CEO and founder of Gate.io.
Some observers may find irony in the development of such a product and Lin Han’s thoughts, given that cryptocurrencies such as bitcoin were initially designed as an alternative payment method prior to becoming highly valued, yet very volatile commodities.
