Gate bets all-in-one money app is crypto’s biggest consumer trend this year and next

Gate is the latest platform to bet that “everything” exchanges are the future model for crypto companies, with CEO and founder Lin Han predicting that all-one-money apps will become one of the biggest consumer trends in the coming year.

The Cayman Islands-headquartered firm, which has $2 billion 24-hour trading volume and over 60 million users, is entering a widening race to turn trading accounts into broader consumer-finance apps. Coinbase expanded into investing, derivatives and banking, while Bybit is building a European super app. Robinhood’s U.K. offering already combines crypto with stocks, ISAs, options and futures. Binance announced its bet on becoming a crypto super app in July.

The opportunity is to make crypto one feature of an everyday money account, rather than an activity reserved for traders.

Gate now allows users to hold and convert cash, cryptic currencies, stocks, gold and other assets in one account, then spend from those holdings through a card, Han told CoinDesk in an interview prior to unveiling its new app “Gate Money” in Singapore.

“We don’t want to stay with a small group of people who are professional at trading,” Han said. “We want to provide this product to a wider range of customers.” The Gate founder said he believes it’s time for all crypto firms to bring in non-crypto users. That’s where the biggest potential for growth is, he added.

He added that said the company intends to allow users to convert between holdings at any time, including outside normal stock-market hours, but did not explain how such conversions would be priced or executed when underlying markets are closed.

Gate’s most ambitious claim is that users will be able to spend assets without first holding cash in their accounts. “You can buy a cup of coffee with Nvidia stock,” Han said. “You cannot do that with any app in the world right now.”

He added that the biggest market for this service may be Asia, where people want access to U.S. stocks but can’t access them because they have restricted access to international brokerage accounts.

Han said Gate sees money apps such as Revolut, Cash App and Wise as more immediate competitors than traditional banks, though he also sees competition with other exchanges pursuing similar products. He said crypto firms now have the technology, licensing and banking relationships needed to offer services that once sat largely with banks and brokers.