Gate Sees Cross-Border Payments as Its Next Growth Driver

Gate is extending its business beyond crypto trading into payments, with Gate Money adding electronic account access and local-currency collections for people and businesses handling everyday transfers.

Launched Oct. 7, Gate Money lets users open a global electronic account in their own name through the Gate app. As access expands, users can receive funds in more than 60 local currencies. The app also brings fiat currencies, digital assets, stocks, exchange-traded funds and gold into one service.

Gate executive director Edwin Cheung described payments as a potential growth area for the company, serving individuals and businesses that need routine ways to send or collect money beyond crypto trading.

Cheung said stablecoins can reduce the number of intermediary banks in cross-border transfers and make the movement of funds more transparent. He expects them to coexist with bank transfers, instant payments and QR-code payments.

Cheung also expects stablecoins to play a larger role in cross-currency payments as services develop in Europe, Asia and the Middle East.