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

April 17, 2019, 4:37AM EDT

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.