After researching the industry for some time, he decided to try buying crypto himself. Back then, there were no matching platforms—people posted on forums, and strangers conducted OTC trades. The infrastructure was virtually non-existent, and after a few attempts, he found the experience poor.
So, he decided to build one himself.
He spent two weeks at home developing a matching engine, launched it online, and told everyone they could deposit, withdraw, and trade crypto. In his words, “it was like a toy.” He didn’t expect that, as soon as the product went live, traffic would surge, quickly overwhelming the servers. He spent the following days debugging and scaling up.
Thirteen years later, that “toy” became Gate.
With 51 million users, $20 billion in daily TradFi trading volume, and over 40 global regulatory licenses, Gate has become a leader in the industry.
Dr. Han remains at the helm, now running a global digital finance company.
Most exchanges from Gate’s era are no longer around. Gate launched two to three months before Huobi, making it one of the few veteran exchanges still operating in the Chinese crypto community.
We asked Dr. Han how he reflects on the past thirteen years. “Although I’ve already spent thirteen years on this journey, I see this as just the beginning. The past thirteen years were about trial and error and exploration—we weren’t mature in many aspects. Now, we’re finally ready across the board, and it’s time to go all out.”
Below is our full conversation with Dr. Han.
Gate CEO Dr. Han
I. Thirteen Years: From a Toy to 51 Million Users
BlockBeats: For many newcomers, the crypto industry of 2013 and today are worlds apart. At the time, you were pursuing your PhD abroad, and your major wasn’t directly related to crypto. What prompted you to create Gate?
Dr. Han: My background was in optoelectronics and high-performance computing, which overlapped significantly with the equipment and technologies used for Bitcoin mining. For someone with a technical background, it was a natural path. Bitcoin had a white paper, open-source code, and all the technical documentation was public, so it was very accessible for me to study.
After some research, I tried buying crypto myself. But back then, the infrastructure was nothing like today—there were almost no matching platforms. People posted on forums to indicate how much they wanted to buy, using typical OTC methods. The entire trading process was highly uncertain, and the experience was poor. After going through this a few times, I thought: since there isn’t a decent platform, why not build one myself?
BlockBeats: What was the process of “building an exchange platform” like back then?
Dr. Han: It started as a hobby. I was coding at home, spent about two weeks building a matching platform, launched it, and told everyone they could deposit, withdraw, and trade crypto. It was like a toy.
I never expected so many people would use it after launch. Traffic immediately exceeded capacity, and I had to invest significant effort into debugging and scaling up.
BlockBeats: After thirteen years, what were your most memorable highs and lows?
Dr. Han: Honestly, there were more setbacks than highlights.
The greatest highlight was actually launch day.
When something you build suddenly attracts massive traffic, the website crashes daily, and project teams are lining up to list their tokens. But soon after, you hit a low point. My understanding was too shallow—I thought building an exchange was just like building a tech platform: set it up and go live.
But a crypto exchange is nothing like that. There’s no central institution building the infrastructure for you; everything in this industry must be built piece by piece by the participants. In the early days, even setting up a Wallet could result in lost funds if you weren’t careful.
In 2014 and 2015, we were hacked twice, losing a total of about 10,000 BTC.
For someone who had never worked in a corporate setting or started a business, coming from an academic research background, it was a huge blow. You go from a simple environment to one where everyone is criticizing you online, and some are threatening legal action. You have to figure out how to repay users, decide whether to stay or leave, and question if you’re cut out for the industry. All kinds of doubts flood in.
In 2017, we repaid all the funds owed to users.
That was an incredibly meaningful moment. You feel like you’ve finally let go of your burdens and can focus on building.
BlockBeats: Many say technology is the key to Gate’s resilience through cycles. What’s your perspective?
Dr. Han: I actually think technology isn’t the most important factor.
At the beginning, technology was essential because most people were resistant to crypto—they didn’t understand the fundamentals, thought it was a bubble or a Ponzi scheme. If you had technical expertise, you could better navigate the direction.
But once the industry matured and everyone understood the technology, it was no longer the differentiator.
Why have some survived after thirteen years while others haven’t? There are many reasons—it’s hard to sum up in one point. It’s like a game: you need strong skills, resilience, and to choose the right path.
If I had to summarize, it comes down to two things: persistence and continuous learning.
II. After 51 Million Users: Institutionalization and Compliance
BlockBeats: Gate now has over 51 million users. Is the recent growth primarily from institutions or emerging retail markets?
Dr. Han: It’s completely different from the early days.
In 2013, there were huge price gaps between platforms, and people could make money arbitraging manually because institutions weren’t involved, infrastructure was lacking, trust was low, and the market was too small.
Now, over 80% of trading volume on mainstream exchanges comes from institutions. Trading between institutions is also significant, as retail only accounts for 20%, and institutions can’t just trade with retail.
Another major change is the product mix. A few years ago, Futures and Spot were about 1:1, and people expected Futures to overtake Spot. Recent reports show that Futures trading volume is now roughly ten times that of Spot. The market has become entirely Derivative-driven.
BlockBeats: Is the 80% institutional share unique to bear markets, or is it stable?
Dr. Han: The ratio doesn’t change much between bear and bull markets. Many institutional strategies rely on retail liquidity and arbitrage, so when retail volume increases, institutional volume rises as well.
BlockBeats: This year, there’s been a surge in compliance activity, with many exchanges aligning with the US. How is Gate’s compliance strategy progressing?
Dr. Han: We were early in pursuing US compliance. Now, we operate compliantly in 46 US jurisdictions—only a few states remain. Internationally, we’ve secured licenses in major regions like Europe (MiCA), Japan, and Australia.
Compliance has changed dramatically.
Previously, regulators didn’t know how to define you—security, commodity, or token? Now, the boundaries are much clearer, and compliance is mandatory.
We spent years and significant resources preparing, and now it’s paying off. In many regions where other platforms can’t operate, Gate can still serve the major markets.
III. New Battlegrounds: TradFi and Polymarket
BlockBeats: Gate’s TradFi business now exceeds $20 billion in daily trading volume, making it an industry leader. But this year, nearly every exchange is entering the space. What’s your view?
Dr. Han: To be honest, we entered late.
We wanted to enter TradFi early, but two factors delayed us. First, the workload in Crypto was too high. Second, traditional finance has its own mature infrastructure and service providers, which we weren’t familiar with.
Last year, we felt Crypto products had become homogeneous—Spot, Futures, Earn, Web3 Wallets—everyone offered similar products.
We felt ready, our business capabilities were in place, so we started expanding. Only then did we realize the market size and user demand were much larger than expected. We regretted not starting earlier.
BlockBeats: Why was Gate able to capture a significant market share?
Dr. Han: Two factors: product breadth and asset coverage.
On the product side, we offer Spot stocks, options, Futures, and CFDs—the entire product line is live.
On the asset side, we cover Commodities (crude oil), Metals (gold and silver), traditional stock markets, a wide range of Indices, and Forex—currently the most comprehensive among our peers.
BlockBeats: In TradFi, what’s the institutional versus retail ratio?
Dr. Han: Institutions dominate, as traditional finance is institution-led.
In Europe, CFDs are the main product; in the US, it’s stocks and options—these are naturally institution-heavy. Retail adoption is slower. Our retail base is primarily Crypto users; those who previously traded stocks or were interested in traditional assets transition first, as they find crypto platforms more user-friendly than traditional brokers. Stock trading here is 24/7 and available across all platforms—very smooth.
Other retail users are gradually attracted by trending products like crude oil and, previously, gold and silver.
BlockBeats: Traditional brokers are moving into crypto (like Futu and Tiger), while crypto exchanges are entering traditional assets. Who has the advantage?
Dr. Han: We discuss this internally as well. I believe the crypto side is much more competitive.
Traditional institutions are heavily constrained, and their customer acquisition costs are extremely high—acquiring a customer can cost hundreds of dollars. Crypto is different: customer acquisition is much cheaper, and both technology and demand are strong drivers.
So, after Gate introduced traditional assets, growth was rapid, but when traditional brokers introduced Crypto, the share of Crypto in their business remained low.
Robinhood is an exception—it balances traditional finance and Crypto well. But it’s a unique, innovative model, starting with zero fees, while Coinbase charged several percent in trading fees, giving Robinhood a significant market opportunity.
BlockBeats: This year, Gate became the first centralized exchange to integrate with Polymarket. What was the strategy behind this?
Dr. Han: Prediction markets are one of the hottest areas right now. Robinhood, Coinbase, and Binance have all launched related products. We believe it’s becoming a must-have for the industry.
Since it’s essential, rather than building it ourselves, we decided to be early movers and experiment.
To be honest, we weren’t fully prepared—our business model and logic weren’t deep, and prediction markets require high liquidity. Just building the feature isn’t enough; real trading activity is needed.
So, we partnered with Polymarket and integrated it on-chain into Gate. Users can Place Orders with us and participate in their market on-chain. This is the fastest and lowest-cost way to test the waters.
IV. AI, the Battle for Entry Points, and the Biggest Competitor
BlockBeats: This year, Gate has rolled out a series of AI initiatives. What does AI mean for an exchange?
Dr. Han: There are two aspects: AI boosts internal efficiency, and externally, it’s a battle for entry points.
At the end of last year, I was a bit anxious. Vibe Coding had reached a level where it could largely replace developers. We debated internally whether 50% or 70% of coding could be done with AI—now it’s nearly 100%.
What really caught my attention was that AI Agents might replace the entry point to trading platforms. For example, programmer Q&A platforms saw traffic drop 99% as users shifted to AI Agents. If the same happens with trading platforms, it’s a big deal.
So, at the start of the year, we made AI Agent our top priority and launched it on Gate in February.
Now, nearly all Gate features are accessible via AI Agent: Buy Crypto, withdrawals, Earn, new listings, Web3 applications, and more. We’ve launched nearly 100 Skills, usable both within Gate and externally.
BlockBeats: Did the actual experience match your expectations?
Dr. Han: Honestly, we now feel we were a bit overly anxious.
Once you start using it, you realize that Agents are fine for tasks like buying milk tea or booking flights. But trading demands market timing, speed, precision, and security—current AI Agents can’t deliver that. Placing an order manually takes a second; with an Agent, it takes at least ten seconds for price inquiries and confirmations, making the experience less efficient.
But that’s just the current state. Five years ago, Web3 Wallets were hard to use—now they’re seamless. Once the technology reaches a tipping point, usage patterns will change.
Our goal is for users to eventually open the app and say, “Buy me some crypto,” “Build me a strategy,” or “Find the best Earn path,” and have it completed in under a second. If it’s under a second, users won’t perceive any delay. I estimate this will take another six to twelve months, and we’re preparing for it.
BlockBeats: Do you use AI yourself?
Dr. Han: I use it extensively every day. The biggest change is that I spend much less time on search engines. Previously, I’d search, open articles, and summarize myself—now AI does that for me. Its biggest issue is hallucinations, so you constantly have to correct it.
But the most valuable aspect of AI is brainstorming. Sometimes, it’s hard to generate ideas alone, but having someone to debate and discuss with makes things much clearer. That’s where AI helps me the most.
BlockBeats: In the AI Agent era, will Gate’s competitive landscape change? Could it become Nasdaq or trade.xyz?
Dr. Han: I don’t think adding an AI assistant will disrupt the industry—it’s not a moat. The core remains product, liquidity, and user experience. You have to compete directly in those areas. Market share is built over years, not overnight.
V. The Next Thirteen Years: Just the Beginning
BlockBeats: If you could write one sentence for Gate’s next thirteen years, what would it be?
Dr. Han: Even after thirteen years, I believe this is just the beginning.
The past thirteen years were about trial and error, exploration, and filling gaps—we weren’t mature in many areas. Our understanding of the industry, human resources, capital, marketing, and brand resources weren’t ready. Now, we’re finally prepared across the board. So, the focus for the coming years remains growth.
BlockBeats: You mentioned many institutions have approached Gate about going public. Will you pursue it?
Dr. Han: We definitely have plans, but it’s not our top priority right now.
There’s still tremendous growth potential, and focusing on business development is more worthwhile. We’re preparing along the way—setting up licensing frameworks in each region and establishing independent financial standards to meet listing requirements. When the time is right, it will happen naturally.
BlockBeats: What advice do you have for young people who want to join the crypto industry?
Dr. Han: The past two years are completely different from the early days. Back then, it was hard to attract people to the industry—there were concerns, parental opposition, and a lack of understanding. Now, it’s much better.
To everyone who believes in this industry: if you’re optimistic, get in quickly—don’t hesitate.
We’ve been in this industry so long that we often feel we entered late, and we’ve seen many people who thought they were late, tried other paths, and eventually came back. Crypto is incredibly attractive to young people, with countless opportunities. Traditional industries are rigid, but crypto still offers social mobility and life-changing opportunities.
You don’t have to join Gate—anywhere is fine. Get in quickly, explore, and learn fast—you won’t regret it.
