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Gate.io exchange raises $64 million to launch new cryptocurrency and blockchain

Carol Gaszcz
UK-based fintech TrueLayer has received $35 million in funding from Chinese financial giant Tencent and Singaporean investment company Temasek, Business Insider writes.The post Fintech TrueLayer gets funding from Tencent and Temasek appeared first on The Block.

Crypto exchange Gate.io has raised $64 million in crypto assets to launch its own cryptocurrency and blockchain through an IEO (initial exchange offering), CoinDesk writes.

Phase 1 of the raise began on April 8 and lasted seven days, during which the exchange distributed 150 million Gate Tokens (GT). According to Gate.io, GT will be launched on the exchange’s own yet-to-launch blockchain, Gatechain, set to be ready in around six months.

CoinDesk claims the Gate.io was heavily oversubscribed last week — orders to buy GT totalled as much as $2.99 billion.

To participate in the IEO, users ordered GT with Gate Points. A reward ratio of 2.5 GT per Gate Point depreciated every day by 3 per cent.

Gate Points can also be used to cover trading fees on the platform; normally, tether is used for that purpose. In reduced fees, 1 Gate Points costs 1 USDT, and can also be bought in bitcoin, EOS and Binance and Huobi tokens.