Gate.io, a cryptocurrency exchange, has partnered with CityPay.io, a Georgia-based startup, to enable more than 600 merchants in Georgia to accept cryptocurrency payments, Cointelegraph reports.
Gate Pay users can make payments to merchants across Georgia for everyday activities such as hotel reservations, grocery shopping, and restaurant payments.
Wendy's has already joined the said partnership, allowing customers to pay for their meals with cryptocurrencies.
Bridging the Gap Between Web3 and Merchant Services
The launch of Gate Pay aims to bridge the gap between Web3 and people's daily lives by providing merchants with crypto payment services.
In a news release, Feng Zhou, the director of Gate Pay, stated that the company aims to connect users with cryptocurrency-friendly businesses and applications.
Gate.io's user base and experience, combined with CityPay.io's business network and coverage in Georgia, will aid in the crypto payment service's expansion.
Georgia: A Global Crypto Hub
Georgia is one of the most crypto-friendly countries in the world, with its regulations attracting many crypto companies to establish regional branches. The country has become a crypto mining and trading hub due to its favorable legal environment and abundant cheap energy.
ExpatHub tells us that the Georgian government has taken a permissive stance toward cryptocurrencies, allowing them to be owned and traded legally. Furthermore, except for certain exemptions, individual traders in Georgia benefit from a 0% tax rate on their gains. As a result, Georgia has become a popular destination for crypto enthusiasts from all over the world.
The country's abundant hydroelectric power, which is both cheap and readily available, has also played an important role in the growth of Georgia's crypto industry.
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Cointelegraph tells us that the Georgian government has grand plans to make the country a major global crypto hub. The collaboration of Gate.io and CityPay.io will provide a Web3 shopping experience to a larger audience of regional merchants and customers.
A Global Push for Crypto Payments
The decision by Gate.io to broaden its business coverage has been around for a while. On February 22, the company announced its intention to apply for a crypto license in Hong Kong in order to launch "Gate HK."
Gate.io is now bringing its expertise in the crypto space to Georgia through its partnership with CityPay.io, providing a valuable service to merchants and customers in the country.
The rise of cryptocurrency payments is changing how merchants conduct transactions, with businesses adopting cryptocurrency as an alternative payment method.
The demand for cryptocurrency payment services is increasing as cryptocurrencies gain acceptance.
What's In the News
The collaboration between Gate.io and CityPay.io will allow over 600 merchants in Georgia to reap the benefits of crypto payment alternatives.
The move will allow the crypto payment service to reach a broader audience of regional merchants and customers, providing a Web3 shopping experience.
The collaboration is a step toward establishing Georgia as a major global crypto hub, with favorable regulations attracting crypto companies to establish regional branches.
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