Binance enters into partnership with Alchemy Pay
Binance, the world’s largest cryptocurrency exchange, looks forward to continuing its push into the crypto payment industry with a new crypto-to-fiat integration.
Binance Pay partners
On Tuesday, 2nd August, Binance revealed a partnership with crypto-fiat hybrid payment platform Alchemy Pay to provide peer-to-peer (P2P) crypto payments to more than 2 million merchants through the Binance Pay app.
Binance Pay is a contactless secure P2P payment feature that allows users to send and receive cryptocurrency all around the world. The app introduced in March this year and is currently available to all Binance users.
The partnership with Alchemy Pay will ensure payment and receipt of payments using 40 supported cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) in 18 countries worldwide. In addition, Binance Pay users will be able to pay with Alchemy Pay users, including e-commerce giant Shopify, software company Arcadier, mobile payments provider QFPay and others.
Getting to know Alchemy Pay
“Alchemy Pay was founded in 2018 by a team of fiat payment gateway veterans with a shared vision to build a practical bridge between fiat and crypto,” John Tan, the CEO of Alchemy Pay, stated. Alchemy Pay provides seamless cryptocurrency and fiat acceptance for retailers, developers and financial organisations. The company promotes the adoption of blockchain technology, making crypto-investments and DeFi services readily available to consumers in 65 countries around the world. Alchemy Pay’s retail networks now include Shopify, QFPay, Hong Kong’s Pricerite, Singapore’s Ce La Vi, Canadian footwear brand Aldo, multinational Arcadier SaaS, Midwest Global Asia taxi services and many others.
The company is also introducing its own Ethereum-based Alchemy Pay (ACH) token. Alchemy’ (ACH) price has been rising rapidly lately. During the last 14 days, its price has risen by more than 1680%. Yesterday, Coinbase, the largest global crypto exchange, listed the token.
Alchemy Pay CEO John Tan said the partnership with Binance to create the Binance Pay wallet considerably expands the practical base applications that are created between the cryptocurrency and fiat worlds. “When we started, the total value of the cryptocurrency market was less than a tenth of a percent of what it is today. Electronic payments outside of the $80 trillion fiat economy were virtually unknown to the world,” he said.
According to the company, Binance aims to maintain the trend of enhancing blockchain and cryptocurrency infrastructure, as well as expanding the global freedom to transfer money. Binance previously launched collaborative gateways with Paxos, Simplex and TrustToken. The agreement with Alchemy Pay will create an opportunity to further promote cryptocurrency among giant companies and make the use of digital currencies more popular around the world.
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