Gate.io, the cryptocurrency exchange has gained $64 million in its crypto estate to introduce their own digital currency and blockchain technology by the help of an Initial exchange offering (IEO). Gate.io has to stay put the cryptocurrency launch for almost six months.
As per the reports, in which it is revealed that Gate.io counts in oldest digital currency exchanges in China and now it’s going to introduce their own digital currency that will provide the same facilities such as Binance’s crypto coin ‘Binance coin (BNB). The Gate.io’s coin is considered to provide services such as investment procedure on their stage.
The Gate.io’s digital currency will be named as Gatechain Token (GT), and the exchange firm has already made $64 million for the funding of the virtual currency. Instead of the point that traders have illustrated high interests like this in the estate, the exchange firm is ready to introduce it the fourth quarter.
On Monday, the firm declared that they have had orders from the clients that is totally around $2.99 billion for their so-named Gate Points, which is actually more than they expected. These points are likely to use offset trading fees. Every Gate point gives its owner the right to have 2 gate tokens.
The first sale phase of the Gate coin was begun on April 8 and it continued for one week. The fees were made to the firm in Tether (USDT) that is attached to the U.S. dollar it made the value of one Gate point was created at the 1 USDT level in decreased fees.
The payment for the Gate coin is also possible with another cryptocurrency such as Bitcoin, Tether, Ether, EOS or even Gate’s competitors tokens including Binance (BNB) and Huboi (HT).
The news was declared by the exchange firm’s chief marketing officer, Marie Tatibouet, that the Gate points owners gained 150 Gate Tokens in the first phase. The initial reward rate of 2.5 Gate Tokens is 1 Gate point, and it was defeated by 3 percent each day in a week duration.
The exchange firm was founded in the year 2013, then named as Bter.com. After the ban on ICOs in 2017, and the firm renamed at Gate.io and started working in the field of crypto-to-crypto and Chinese currency yuan over-the-counter OTC trading.