Gate.io, a Cayman-Island-based crypto exchange, has floated its payment service product with the launch of Gate Pay.
According to the press release by the firm, citing an industry report by DataReportal adoption rate for cryptocurrencies is rising with some countries like Thailand and Turkey rising as high as 20%.
The exchange, therefore, believes that cryptocurrencies have the potential to be more than just a tradable asset, they could become a widely accepted means of payment in the future. Initially, Gate Pay will provide support for 20 cryptocurrencies with plans to expand to 130 in the future
With Gate Pay, Gate.io intends to bridge the gap between web 3.0 and the general public and also scale entry by lowering barriers for users to fully utilize cryptocurrencies.
Gate Pay, a Unique tool for web 3.0 Payments
Unlike other payment service providers, Gate Pay, fully developed by Gate.io is free to use as it charges only the required network gas fees. It also provides both existing and new users and businesses with a variety of user-friendly tools to send and receive crypto as payments for goods and services.
Additionally, Gate.io will continuously modify Gate Pay and introduce new product concepts for its over 12 million users worldwide.
Interestingly, to celebrate its new product offering Gate.io in collaboration with one of its partners Uquid.com offers users up to 11% cashback and also a chance to win a gift box worth $500 when they pay with Gate Pay beginning from November 8.
Gate.io together with 5 blockchain firms partnered with punk rock superstar Avril Lavigne for the launch of a metaverse-themed park dubbed Metacity. The virtual city adopted a new approach that sees all partner celebrities function beyond being supporters.
Meanwhile, yesterday, the exchange shared a proof-of-reserve attestation to show that the user’s assets are truly held and exist on the platform. The attestation shows that Gate.io’s reserve contains 108% of total user BTC assets. Gate.io suspended access to its page to protect users last month after attackers breached its Twitter account to post phishing links.