Gate.io to Raise $64M to Launch Gate Token

With the help of the GT token, which can be received for Gate Points (were sold for crypto) users will be able to pay fees and get investments at upcoming DEX
17 April 2019   316

Over the course of just seven days, the Gate.io cryptocurrency exchange raised $ 64 million in Bitcoin and other cryptocurrencies, intending to direct these funds to launch the internal token GT. It is reported by CoinDesk.

Based on the Cayman Islands, the Exchange announced on Monday that the originally scheduled subscription amount for the so-called Gate Points was significantly exceeded, estimating the total amount of bids at $ 2.99 billion.

Gate Points are designed to reduce commissions for trade transactions, in addition, each Gate Point can be exchanged for 2.5 Gate Tokens (GT), the native token of the Gatechain's own blockchain. Its launch should take place in the IV quarter of 2019.

According to a report on the exchange website, the first phase of the sale of Gate Points, which could be purchased for BTC, Tether USDT, ETH, EOS and tokens of the competing Binance (BNB) and Huobi (HT) exchanges, started on April 8 and lasted seven days.

Marie Tatibouet, chief marketing officer for Gate.io, clarified that during this period, 150 million GT tokens were distributed to Gate Point subscribers, while the exchange received $ 64 million in prepaid commissions.

The demand is indeed correlated with the overall market condition, when exchange tokens have jumped by 150 percent in Q1. Thus retail investors’ anticipation for these tokens to yield a high rate of return is still positive.
 

Marie Tatibouet

Chief marketing officer, Gate.io

Gate.io’s plans also include launching a decentralized exchange. With the help of the GT token, users will be able to pay transactionand DEX listing fees and attract investments. Miners will receive a token as a reward.

The initial volume of token emissions will be 300 million tokens, and the limit of 1 billion tokens will be reached within 10 years. Part of the tokens will be distributed through various motivation programs for community members, and some - when investors acquire points, which will allow, among other things, lower commissions on the main platform.

Gate.io is the successor of one of the oldest cryptocurrency exchanges in China, Bter, which in October 2017 as a result of the policies of local authorities ceased operation.

Binance to Launch BTC-Pegged Own Chain Based Token

In this way exchange wants to transfer crypto based on own blockchains to its ecosystem and  increase liquidity and trading volumes at Binance DEX
17 June 2019   158

In the coming days, Binance Exchange will launch a series of BEP2-tokens, tied to different cryptocurrency rates, on its own Binance Chain blockchain. The first token of this type will be BTCB - its rate is tied to Bitcoin.

BTCB is backed with bitcoins located in Binance reserves. The address for storing bitcoins has already been made publicly available, so that users can verify that the token has the necessary support.

In the future, the BTCB / BTC trading pair will be launched on Binance.com. With its help, users will be able to convert the original cryptocurrency into the Binance Chain token. The price spread in this case will be about 0.1%.

According to Binance, in this way it can transfer cryptocurrencies based on its own blockchains to its ecosystem and currently not represented in the Binance Chain. The company expects the launch of new tools to increase liquidity and trading volumes at Binance DEX.

While this approach is more centralized than atomic swaps, we believe it provides a higher degree of ease-of-use to most traders. And most traders are already trusting Binance.com to hold their funds anyway.
 

Binance Team

To date, Binance has independently reserved 9,001 BTC and released 9,001 BTCB. The BTCB / BTC trading pair on Binance.com will tentatively appear within a day, and an asset will be added to Binance DEX after approval of the relevant offer.