US-based Gate.io, one of the largest crypto exchanges, is expanding into the payments sector with the launch of Gate Pay. This initiative stems from the belief among Gate.io executives that cryptocurrencies can evolve into widely adopted payment methods instead of merely being viewed as tradable assets.
The company aims to bridge the gap between blockchain technology and everyday life through this new offering. Initially, Gate Pay will support 20 cryptocurrencies for payments, with plans to expand this number to 130 in the future.
“Gate Pay is our next major commitment to furthering crypto adoption. It will bridge the gap between Web 3.0 and daily life, reducing the barriers for users and merchants to fully utilize cryptocurrency,” said Dr. Lin Han, CEO and founder of Gate.io.
Some observers may find it ironic that this product is launching amid sentiments from Lin Han, particularly since cryptocurrencies like Bitcoin were originally designed as alternative payment methods before becoming highly valued but volatile commodities.