US-based Gate. io, one of the largest crypto exchanges in operation, is set to branch out into the payments sector. Gate Pay has been launched on the back of the belief among Gate. io executives that crypto can become widely adopted means of payment rather than just a tradeable asset.

The company also believes that such a move is in keeping with the wider goal of bridging the so-called "divide between blockchain and everyday life". Gate Pay will initially support 20 cryptocurrencies for payment with plans to increase this to 130 in the future.