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Gate.io Raises $64 Million for Launch of New Exchange Cryptocurrency


Crypto exchange Gate. io has raised $64 million worth of crypto assets in seven days for its own exchange cryptocurrency that won’t be launched on a blockchain for at least six months.

One of the oldest Chinese exchanges, Gate. io claimed on Monday that over the last week it was heavily oversubscribed with orders totaling $2.99 billion for the so-called Gate Points, which can be used for offsetting trading fees on the platform.

Moreover, each Gate Point further entitles a holder to receive 2.5 Gate Tokens (GT), the native cryptocurrency of Gatechain, the exchange’s yet-to-be-launched proprietary blockchain. Gate.io says it expects the network to go live in the fourth quarter.

Read More at CoinDesk

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