Binance has partnered with Alchemy Pay, a supplier of crypto-fiat hybrid payment solutions, to provide a payment bridge between crypto and fiat via the Binance Pay wallet.
Binance, the world’s largest cryptocurrency exchange by trading volume, has announced a new crypto-to-fiat integration as part of its ongoing expansion into the crypto payment business.
Through its payments app Binance Pay, the firm announced a partnership with crypto-fiat hybrid payment platform Alchemy Pay on Tuesday to enable peer-to-peer (P2P) crypto payments at over 2 million global retailers.
In the 18 countries where Alchemy Pay works, users and merchants will be able to pay and accept payments using 40 supported cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).
Users of Binance Pay will be able to pay at Alchemy Pay’s partner merchants, such as e-commerce giant Shopify, software technology startup Arcadier, mobile payment provider QFPay, and others.
According to the company’s website, Alchemy Pay is a global crypto-fiat payment gateway that accepts 300 fiat and crypto payment channels in 65 countries.
Pricerite, Hong Kong’s largest furniture company, Singapore’s Ce La Vi, Canadian clothing brand Aldo, and Midwest Global Asia taxi services are among the company’s merchant networks.
Alchemy Pay (ACH), an Ethereum-based currency intended to encourage the ecosystem and access to the network’s consumption and governance, is also in use.
The ACH token has recently had a meteoric rise, with its price growing by more than 1,680 percent in just 14 days.
According to data from CoinGecko, ACH is currently trading at $0.024, up roughly 100 percent in the last 24 hours. Coinbase, a prominent worldwide crypto exchange, listed the cryptocurrency yesterday.
The relationship between Alchemy Pay and Binance, according to CEO John Tan, “substantially widens the practical backbone applications we build between the crypto and fiat worlds.”
When Alchemy Pay was founded, the overall value of the crypto market was “less than a tenth of a percent of what it is today,” he added.
Binance Pay is a contactless P2P crypto payment service on Binance that allows users to send and receive crypto payments all around the world, as previously reported.
The app was released in public alpha in March and is now available to all Binance users who are eligible.