One of the most promising uses for crypto that’s pushing the advancement of Web3 is as a payment method. However, there remains a divide between crypto users and businesses. This is partly due to a lack of tools for stores to accept the infinite number of cryptocurrencies for goods and services. To bridge this divide, one of the world’s top crypto exchanges, Gate.io, has developed a crypto payment tool that addresses some of the challenges businesses face when looking to accept crypto.
Launch by Gate.io in 2022, Gate Pay’s crypto payment solutions integrate into the existing payment infrastructure of any shop. These systems allow businesses to accept, monitor, and manage crypto payments, with Gate.io offering full support to any company integrating Gate Pay. Notably, the service is free to use with no additional fees on top of standard blockchain network fees.
Connecting businesses to the blockchain
Over 12 million users on Gate.io have access to Gate Pay, dually benefitting both users that want to utilize their portfolio for more than trading and businesses that want to tap into crypto-using customers. As a result, Gate Pay stands as one of the key links between Gate.io’s ecosystem of digital asset services and everyday life.
Currently, Gate Pay supports 21 cryptocurrencies with plans to increase to more than 130+. In addition, Gate.io has the largest selection of cryptocurrencies of any exchange, providing a vast pool of assets that Gate Pay can support down the road.
Commenting on the launch of Gate Pay late last year, Dr. Lin Han, CEO and Founder of Gate.io, said, “cryptocurrency as a payment method is the key to unlocking the widespread usage of cryptocurrency,” and further explained that Gate Pay “will bridge the gap between Web 3.0 and daily life, reducing the barriers for users and merchants to utilize cryptocurrency fully.”
An ecosystem adapting to the Web3 revolution
Cryptocurrency as a payment method is the original intended purpose of blockchain, and it serves this purpose very well. So, as we get closer to a blockchain-integrated web, tools that enable direct crypto payments are crucial for the realization of Web3. The inclusion of crypto payment tools is part of Gate.io’s efforts to make its ecosystem Web3-ready.
Gate Pay already has several merchants on board in travel booking and online shopping. The platform is still expanding and will likely cover more areas of the goods and services market in the future.
Moreover, Gate.io is a rapidly expanding and evolving digital asset ecosystem. More users will be able to access Gate Pay as the exchange grows, and the variety of supported cryptocurrencies on Gate Pay will provide greater flexibility and attract users of more niche assets.
