Conversation with Gate CEO Dr. Han: Although it has been 13 years, I feel like we are just getting started.

In April 2013, Dr. Han was pursuing his Ph.D. overseas in the field of optoelectronics and high-performance computing. This field overlapped significantly with the equipment and technology used in Bitcoin mining, leading him to naturally encounter Bitcoin.

After studying for a while, he decided to try buying some coins himself. At that time, there were no matching platforms, and people would post on forums to buy/sell, conducting over-the-counter trades between strangers. The infrastructure was almost nonexistent, and after a few attempts, he found the experience to be terrible.

He decided to build his own.

Spending two weeks at home, he completed a matching engine and put it online, informing everyone they could deposit/withdraw coins and trade. In his own words, he said it was "like a toy." He didn't expect the product to attract a surge of traffic as soon as it went online. The servers quickly became overwhelmed, and many days were spent on debugging and scaling.

13 years later, that "toy" has become Gate.

With 51 million users, a daily TradFi trading volume of $20 billion, and over 40 global regulatory licenses.

Dr. Han is still Dr. Han, now overseeing a global digital finance company.

Most of the exchanges from Gate's era have already disappeared. Gate went live two to three months before Huobi, making it one of the few old exchanges in the Chinese crypto world that has persisted.

We asked Dr. Han how he sees these 13 years. "Although I have already lived through 13 years, looking back, this is just a starting point. The past 13 years were mostly about stumbling and exploring, and all aspects were not mature enough. Up to now, all aspects are just ready, and it's time to make a big impact."

Below is a transcript of our conversation with Dr. Han.

Gate CEO Dr. Han

1. 13 Years: From a Toy to 51 Million Users

BlockBeats: For many newcomers, the crypto industry in 2013 and today are completely different. At that time, you were pursuing your Ph.D. overseas, and your major was not directly related to crypto. What prompted you to start Gate?

Dr. Han: My field of study was optoelectronics and high-performance computing, which aligned closely with the equipment and technology used in Bitcoin mining. Therefore, people with a technical background naturally found their way into this field. Bitcoin had a whitepaper, open-source code, and all technical documentation publicly available, making it very easy for me to study.

After studying for a while, I decided to try buying some coins. However, at that time, the infrastructure was a far cry from what it is now. There were hardly any matching platforms, and everyone would post on forums stating how much they wanted to buy in a typical OTC fashion. The entire trading process was extremely uncertain, and the experience was very poor. After experiencing this myself several times, I began to think: since there isn't a decent platform available, why not create one myself.

BlockBeats: What was the status of "building an exchange platform" back then?

Dr. Han: It was more like a hobby. At that time, I was coding at home and spent about two weeks building a matching platform and putting it online, telling everyone they could deposit, withdraw, and trade coins, like a toy.

I never expected that so many people would use it once it went live. The traffic instantly overwhelmed the system, and I had to spend a lot of effort debugging and scaling up.

BlockBeats: Looking back on the past 13 years, what were the most memorable highlights and low points for you?

Dr. Han: To be honest, there were more low points than highlights.

The highest point was actually the moment of launch.

When a large number of people suddenly flocked to use what you had created, the website crashed every day, and various projects approached you to list their tokens. However, soon after, you hit a low point because my understanding of this matter was too shallow. I thought running an exchange was similar to setting up a technical platform I had done before, just build it and put it online.

But a crypto exchange is entirely different. There is no centralized entity to help you establish the infrastructure; everything has to be built by the participants in this industry from scratch. In the early days, even setting up a wallet could lead to coins being lost irretrievably.

In 2014 and 2015, we were hacked twice, losing nearly 10,000 bitcoins in total.

For someone like me who had never experienced the professional world, entrepreneurship, and had transitioned from academic research, this was a massive blow. You go from a very naive environment to a state where everyone is cursing you online, and some are threatening legal action in real life. You have to figure out how to repay the funds, decide whether to exit or continue, and question if you are suitable for this industry. All sorts of doubts flood in.

In 2017, we managed to repay all the historical debts owed to users.

That moment was very significant for me. It felt like finally unburdening myself and being able to turn around and make a difference.

BlockBeats: People often say that technology is at the core of Gate's cross-cycle breakthrough. What are your thoughts?

Dr. Han: I actually don't think technology is that important in this context.

At the very beginning, we relied on technology because most people were resistant to crypto. They didn't understand the underlying technology and thought it was a tulip bubble or a Ponzi scheme. If you understood the technology, you could navigate the direction more accurately.

However, once the industry matures and everyone grasps the technology, it is no longer the key factor.

Why did some survive while others perished over the past 13 years? There are many reasons, and it's hard to summarize into one point. It's like fighting monsters; you not only need strong skills but also thick skin, high HP, and the right path.

If I had to abstract it, I think it comes down to two words: persistence and continuous learning.

II. After 51 Million Users: Institutionalization and Compliance

BlockBeats: Gate's user base has exceeded 51 million. Looking at the structure of this round, did the growth mostly come from institutions or emerging market retail investors?

Dr. Han: It's completely different from the early days.

In 2013, there was a huge price difference between platforms, and manual arbitrage was profitable because institutions were not involved, the infrastructure was inadequate, trust was lacking, and the market was too small.

Now, in the trading volume of mainstream exchanges, institutions account for over 80%. The trading volume between institutions is also significant because the remaining retail volume is only 20%, and institutions cannot just trade with retailers.

Another significant change is in product structure. A few years ago, the ratio of futures to spot trading was 1:1, and people began to think that futures would surpass spot trading. Recent reports show that the volume of futures trading is nearly 10 times that of spot trading. This market has completely shifted to derivatives.

BlockBeats: The 80% institutional share, is this ratio a special case of the bear market or is it a stable state?

Dr. Han: This ratio doesn't differ much between bear and bull markets. A significant part of institutional strategies is to profit from retail liquidity and spreads, so when the retail volume increases, institutional volume will rise in tandem.

BlockBeats: This year, the industry has seen intense compliance actions, with many exchanges aligning with the United States. How far along is Gate in its compliance efforts?

Dr. Han: We entered the US compliance arena quite early. Now we can operate compliantly in 46 US jurisdictions, with only a few states left. On the international side, we have obtained licenses in major regions such as Europe's MiCA, Japan, and Australia.

Compliance is completely different now compared to before.

In the past, even regulators themselves didn't know how to define you – are you a security? A commodity? A token? Now, the boundaries are becoming clearer, and compliance has become mandatory.

We have spent many years and invested a significant amount of time and money to proactively lay the groundwork, and now it is really paying off. Many platforms in other regions can no longer operate, but Gate can still cover those key countries and regions.

III. New Battlefield: TradFi and Polymarket

BlockBeats: Gate's TradFi business has exceeded a daily trading volume of 20 billion US dollars, placing it at the top among all exchanges. However, nearly all exchanges are now crowding into this track. What is your view?

Dr. Han: To be honest, we actually came in late.

We had the itch to enter TradFi very early on. But two reasons held us back. First, the workload in the Crypto space was too large, and we didn't have enough resources. Second, traditional finance has developed its own infrastructure and service provider system over many years, and we were unfamiliar with this field and didn't know where to start.

Starting last year, we felt that products in the Crypto space had become basically homogenized – spot, futures, wealth management, Web3 wallets – everyone was doing more or less the same thing.

We felt we were ready, our business capabilities were there, so we started pushing out. Only when we started did we realize that the market space and user demand were much larger than we had imagined, and we regretted not starting a few years earlier.

BlockBeats: Why was Gate able to secure a good share this time?

Dr. Han: Two dimensions, product breadth and asset breadth.

In terms of products, we have introduced spot stocks, options, futures, CFDs – the whole product line is running.

In terms of assets, we cover commodities (crude oil), precious metals (gold, silver), traditional stock markets, numerous indices, and foreign exchange, making us the most comprehensive among our peers.

BlockBeats: In TradFi, what is the ratio of institutions to retail investors?

Dr. Han: The proportion of institutions is very high because traditional finance itself is institution-oriented.

In Europe, the main focus is on CFDs, in the U.S., it's mainly stocks, securities, and options. These institutional categories naturally have a large volume. Retail investors will be slower. Our retail user base is native to the Crypto users. Among them, those who have previously traded stocks and are interested in traditional assets will come over first because as soon as they use it, they find that the products in the crypto industry are more user-friendly than traditional brokers. Stock trading here is 24/7, accessible on all platforms, and very smooth.

The remaining retail investors will gradually be drawn in by recent hot topics such as oil and gold and silver from some time ago.

BlockBeats: Traditional brokerages are getting into crypto, such as Futu and Tiger; while cryptocurrency exchanges are venturing into traditional assets. In this crossover, who do you think has the advantage?

Dr. Han: We are also discussing this issue internally. I think the competitiveness of the crypto industry will be much stronger.

Traditional institutions are basically constrained. The objective environment limits their way of doing things, and their customer acquisition cost is extremely high. Acquiring a customer may cost several hundred U.S. dollars. It's different in the crypto industry, where the customer acquisition cost is very low, and both technology-driven and demand-driven forces are strong.

So, the phenomenon you can see is that after Gate introduced traditional assets, its growth was rapid. However, when traditional brokerages introduced Crypto, the proportion of Crypto in their overall business is still very low.

Robinhood is a special case; it balances traditional finance and Crypto quite well. But it is a very special innovative model, starting with zero fees, at a time when Coinbase was charging several percentage points in fees, giving Robinhood a huge market space.

BlockBeats: This year, Gate became the first centralized exchange to integrate Polymarket. How was this move considered?

Dr. Han: Prediction markets are one of the hottest tracks at the moment. Robinhood is on board, Coinbase is on board, and Binance has also released it in its wallet. We believe this is almost a must-have product in the industry.

Since it is a must-have, rather than doing it slowly on our own, it's better to take the lead and give it a try.

But to be honest, we weren't that well-prepared in this area. Our business model and underlying logic weren't that deep, and the prediction market demands high liquidity. Just developing the functionality is not enough; there needs to be someone actively trading in that market.

So we partnered with Polymarket to directly integrate it onto Gate, allowing users to place orders with us and participate in their market on-chain. This is the most cost-effective and quickest way to dip our toes in.

IV. AI, Access Battle, and the Biggest Competitor

BlockBeats: Gate has launched a series of AI initiatives intensively this year. What does AI mean for an exchange?

Dr. Han: There are two directions: AI improves internal efficiency and externally engages in the access battle.

At the end of last year, I was actually a bit anxious. Vibe Coding suddenly reached a level where it could largely replace developers. At that time, we were still discussing whether AI would handle 50% or 70% of coding, and today, it's essentially close to 100%.

What made me more alert is that AI Agents might replace the entry point of a trading platform. You look at where programmers used to ask questions, and traffic has plummeted by 99% because everyone has their Agent ask. If the same thing happens on a trading platform, it would be very scary.

So starting early this year, we prioritized AI Agents, and we launched it on Gate in February.

Now, almost all features on Gate can be accessed through AI Agents—buying coins, withdrawing, financial management, participating in new projects, Web3 applications, and more. We've developed nearly 100 skills that can be used within Gate and elsewhere.

BlockBeats: Now that it's actually live, is the experience as you expected?

Dr. Han: Frankly, we now feel that our previous anxiety was a bit overblown.

When we actually used it, we found that while buying a cup of milk tea or booking a flight is no problem for the Agent, trading requires market insight, speed, precision, and security. The current AI Agent falls short in these aspects. Clicking to place an order might take 1 second, but for the Agent to quote and confirm for you, it would take at least 10 seconds. The user experience burden has, in fact, increased.

But that's just for now. Web3 wallets were also difficult to use five years ago, but now they are smooth. Once we pass that tipping point, the way it is used will definitely change.

Our goal is that one day a user opens the app and with a single sentence, "Help me buy a coin," "Help me create a strategy," "Help me find the best investment path," it will be completed within 1 second. If it's under 1 second, people won't perceive any delay. I estimate this timing will still need another six months to a year, and we are preparing for it.

BlockBeats: Do you use AI yourself?

Dr. Han: A lot every day. The biggest change is that I spend significantly less time using search engines. In the past, I had to constantly search, open and read articles one by one, summarize them myself, but now AI directly helps with this step. Its biggest issue is having too many illusions and needing constant correction.

But I think the most valuable aspect of AI is that it can brainstorm with you. Sometimes it's hard for you to come up with ideas on your own, but having someone debate with you, discuss with you, things become clear quickly. AI has been most helpful to me in this regard.

BlockBeats: In the era of AI Agents, will Gate's competitive landscape change? Will it become like Nasdaq, or something like trade.xyz?

Dr. Han: I don't think just adding an AI assistant will disrupt the industry; this is not a moat. The key is still underlying value, the product, liquidity, and experience. You have to compete head-on in these dimensions. Market share is definitely not something you can get overnight; it's accumulated over several years.

Five, The Next 13 Years: This Is Just the Beginning

BlockBeats: If you could only write one sentence to Gate for the next 13 years, what would you write?

Dr. Han: Although I have already gone through 13 years, I feel that now is just the beginning.

The past 13 years have mostly been about stumbling, exploring, and filling gaps, none of which were mature enough. Understanding of the industry, human resources, capital, market promotion, and brand resources were all not ready enough. As we have come to today, I feel that we are finally ready in all aspects. So the keyword for the next few years will still be growth.

BlockBeats: You mentioned that many institutions have approached Gate for IPO discussions, would you pursue this?

Dr. Han: There is definitely a plan for the future, but it is not a top priority right now.

Currently, there is still great growth potential, and it is more worthwhile to focus energy on developing the business. We have been preparing along the path, with licensing systems in various places and independent financial regulations all aligning with the standards for going public. When the time is right, we will naturally take that step.

BlockBeats: What advice do you have for young people who still want to join the crypto industry?

Dr. Han: These past two years are totally different from before. In the early days, it was difficult to bring people into this industry; everyone had concerns, faced opposition from parents, and couldn't understand it. It's much better these two years.

I would like to say to everyone who is optimistic about this industry: if you believe in it, join quickly, don't hesitate.

We have been in this industry for too long and always feel like we entered a bit late. We have also seen too many people who thought they joined late, went out to try other things, and eventually came back. This industry has a great attraction for young people, with abundant opportunities. Traditional industries have become rigid, but in crypto, there is still the possibility of social mobility, a chance to change your life.

You don't have to enter via Gate; you can go elsewhere. Get in as soon as possible, explore quickly, learn quickly – you won't regret it.

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