Gate.io Milestones Propel GateToken to New All-Time High in December

2024-12-24 11:40:01 Primitive Reading

From decrypt by Decrypt Staff

Crypto exchange Gate.io’s native token GateToken (GT) hit an all-time high of $14.01 in December, per data from CoinGecko, amid surging user numbers for the platform and the release of its December reserve report.

Amid a wider slump in the crypto market, GateToken has retreated from its all-time high to a current value of $13.07, according to CoinGecko data. The native token of Gate’s Gatechain, GT is used to pay transaction fees as well as offering benefits including VIP tier escalation and trading fee debit.

The token’s rise over the past month comes amid surging user numbers on Gate.io, alongside high-profile sports sponsorship deals and a December reserve report that saw the platform set industry benchmarks.

At the start of the month, the platform released its December reserve report, revealing that its reserves had hit a record high of $9.566 billion and a reserve ratio of 123.91%—exceeding the 120% average level of leading industries. Gate.io’s excess reserves also topped $1.846 billion according to the report, increasing by 68.89% to set a record high for the platform, with an excess reserve ratio of 23.91%.

In an official AMA on December 13, Gate.io Chief Business Officer Kevin Lee revealed that the platform’s reserve fund has exceeded $10 billion, the fourth-largest globally in the sector. Lee added that the exchange is “continuously enhancing its security protocols to provide a more transparent and reliable trading environment for its users” during the AMA.

Days later, Gate.io surpassed 20 million registered users, with a spokesperson for the platform commenting that the milestone marked its “outstanding competitiveness in the global market.”

GateToken’s December gains have built on the platform’s successes in recent months; in August, Gate.io became the official sleeve sponsor of soccer club Internazionale Milano , with its logo gracing the playing kits of the men’s, women’s and U20 teams.

At the time, Gate.io founder and CEO Dr. Lin Han said that the partnership “aligns with our commitment to innovation and community engagement,” adding that, “We are excited to bring new and exciting experiences to Inter fans around the world.” The collaboration will see the partners collaborate on exclusive content, joint-marketing activations, co-branded merchandise, and opportunities for fans to “connect both on and off the field.”

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