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.
"Gate Pay is our next major commitment to further crypto adoption. It will bridge the gap between Web 3.0 and daily life, reducing the barriers for users and merchants to utilize cryptocurrency fully," said Dr. Lin Han, CEO and founder of Gate.io.
Some observers may see an irony in the launch of such a product and the sentiments of Lin Han in that cryptocurrencies such as bitcoin were originally conceived as an alternative means of payment before they became highly valued but also highly volatile commodities.