Gate.io, digital asset services provider, launched a new crypto-based payment solution dubbed Gate Pay on Monday. The new service currently supports 21 cryptocurrency assets, but the exchange wants to expand that number to 130+ in the future.
Gate Pay is free-to-use technology for cryptocurrency payments for traders, consumers and merchants. The only fees paid are transactional network fees. According to the press release, launching the new product will help Gate.io to open more to the rapidly growing Web3 ecosystem.
"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," Dr. Lin Han, the CEO and Founder of Gate.io, commented.
Business partners who want to integrate their services with Gate Pay can count on Gate.io's full support. Moreover, the platform intends to implement additional features in the foreseeable future, including promotional handouts and C2C transfers.
Further Expansion of Crypto Services
For Gate.io, introducing its own crypto-based payment solution is the next step in the dynamic expansion during the last nine years of its service. In May, one of the top ten crypto exchanges in the world announced the launch of an institutional services arm. Gate Institutional provides services to brokers and market makers and helps institutions enhance their presence in the cryptocurrency ecosystem.
"More and more institutions are curious about cryptocurrencies and are looking to diversify their portfolios. To ease their access to crypto services, Gate.io launched Gate Institutional. Being a comprehensive crypto ecosystem, Gate Institutional will benefit a wider range of brokers and market makers," Gate.io commented at the time.
The crypto trading platform recently received Virtual Asset Service Provider (VASP) registration in Lithuania for its Lithuania-based entity. Thanks to that move, Gate.io is planning to broaden its international reach, offering customized products in the European region.
