cryptovibes.com
The biggest crypto exchange by trading volumes in the world, Binance, seems to be continuously expanding its services into the crypto payment sector via a new crypto-to-fiat integration. On August 3, the firm announced a partnership with cryptocurrency-fiat hybrid payment platform Alchemy Pay.
This partnership will enable peer-to-peer (P2P) crypto payments at more than 2 million global merchants via its payments application Binance Pay. In that context, the Binance Pay users can now pay across all merchants of Alchemy Pay’s partners, including software technology firm Arcadier, mobile payment provider QFPay, and e-commerce giant Shopify.
With this integration, users and merchants can pay and accept payments using the 40 supported cryptos like Ether (ETH) and Bitcoin (BTC) in the 18 nations where Alchemy Pay operates.
Launched in 2018, Alchemy Pay operates a worldwide crypto-fiat gateway via 300 fiat and cryptocurrency payment channels in up to 65 countries, based on the company’s official site. The firm’s merchant networks also feature Canadian footwear brand Aldo, Hong Kong’s largest furnishing company Pricerite, Midwest Global Asia taxi services, and Singapore’s Ce La Vi.
The company is also running its in-house token, Alchemy Pay (ACH), which is an Ethereum-based token. This token is used to incentivize the ecosystem and access to the network’s consumption and governance. The ACH token has been experiencing an explosive surge in recent days, with its price gaining over 1,680% in the last 14 days.
At the time of publication, ACH is trading at $0.024, gaining more than 100% in the past 24 hours, based on CoinGecko data. On August 3, the coin was listed by the Coinbase crypto exchange.
John Tan, Alchemy Pay CEO, said that his company’s partnership with Binance:
“significantly expands the practical backbone applications we build between the crypto and fiat worlds.”
He also added that the total value of the cryptocurrency market was less than 0.1% of what it is today when Alchemy Pay launched. Based on previous reports, Binance Pay is a contactless P2P cryptocurrency payment feature powered by Binance, enabling users to send and receive their cryptocurrency payments throughout the world.
This app was launched in public alpha in March 2021, and it is available to all eligible Binance users.