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$64 Million Raise by Gate.io for the New Exchange Cryptocurrency Launch

Gate.io, a crypto exchange, has raised in seven days an astounding million dollars worth of crypto properties for the cryptocurrency exchange on a blockchain that will be launched in six months.

Gate.io Acquisition

On Monday, Gate.io, one of the oldest Chinese exchanges, announced that it was copiously sold with a total of $2.99 billion orders for the Gate Points used on the platform to offset trading fees. With the exclusive blockchain’s future launch, each Gate Point will allow a holder to receive the native currency of Gatechain, which is 2.5 Gate Tokens. Gate.io said that by the fourth quarter, they are expecting the network to go live.

In an interview made by Chief Marketing Officer of Gate.io, Marie Tatibouet said that the trade dispersed 150 million GTs which resulted in successful Gatepoint subscribers. In return, they have collected prepaid trading fees of $64 million dollars.

Gate.io History

Formerly known as Bter.com, Gate.io was founded by CEO Lin Han in 2013. It suffered a loss, due to a system hack in 2015 which made them lose 7,000 bitcoin from its budget. The ban from initial coin offerings and fiat-to crypto spot trading by the Chinese Central Bank in 2017 forced Bter.com to shut down its domain and bid goodbye to fiat trading, renaming the brand to Gate.io. The said exchange made the brand shift its attention to Chinese Yuan over-the-counter trading and crypto-to-crypto trading.

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