Cryptocurrency exchange Gate Technology Inc., better known as Gate.io, today said it has raised $64 million in cryptocurrency assets in seven days as part of a push to launch a new custom crypto exchange.

Originally from China but now based in Malta with a registered office in the Cayman Islands, Gate.io plans to build the cryptocurrency exchange on a new custom blockchain called Gatechain, complete with its own cryptocurrency called Gatechain Token. Pitched as the “next big thing,” the initial offering, all but in name an initial coin offering, offered 300 million Gatechain tokens.

“[Gatechain Token] is the base currency of Gatechain’s public chain, supporting the infrastructure of the Gatechain public chain,” the exchange explained. “GT is the main network fuel of Gatechain, paying the network transfer fee. Gatechain encourages GT holders to protect the network health through PoS equity mining. Gate.io will also adopt GT as part of its eco.”

The sale was only the first release of Gate.io’s native tokens. The company said it has a backlog of $2.99 billion in orders for “Gate Points,” a quasi-cryptocurrency that is the only way to acquire Gatechain Tokens. Every purchase of Gate Points is redeemable for 2.5 Gatechain Tokens when they are released.

Although the methodology of the release may be overly convoluted, the easier way to look at what Gate.io is doing is to consider larger firms such as Binance with its Binance Coin. Gatechain Token is a cryptocurrency that will be used to trade cryptocurrencies on the Gate.io new exchange.

Exchange-issued tokens, mostly stablecoins, have become popular of late, with eToro being the latest entrant into the market. “Gate.io’s plan comes at a time when exchange tokens are seeing notable growth in the crypto markets partially due to the emergence of initial exchange offerings (IEOs), which have gained traction on major platforms such as Binance and Huobi,” CoinDesk reported.

Despite the precipitous decline in the price of cryptocurrencies and the rate of ICOs in 2018, Gate.io along with other similar offerings indicates that life is returning to the market, if in the different form of IEOs.

Image: Gate.io