Crypto exchange Binance has partnered with hybrid crypto-fiat payment solutions provider Alchemy Pay to create a payment bridge between crypto and fiat via the Binance Pay wallet.
Users will be able to get paid and pay using over 40 cryptocurrencies
Binance Pay is a contactless, borderless user-to-user payment feature for cryptocurrencies on Binance App. Launched in beta in February, Binance Pay’s features allow users and merchants to send and receive crypto payments worldwide without incurring special processing fees for using crypto.
Supported by the fiat-crypto integration of Alchemy Pay, Binance Pay is available for both peer-to-peer payments and merchant-based transactions. Users and merchants can choose their preferred options to pay and get paid using over 40 supported cryptocurrencies such as Bitcoin and Ethereum.
Users of Binance Pay can pay at merchants of Alchemy Pay’s partners, including e-commerce giant Shopify, software technology company Arcadier, mobile payments provider QFPay and others.
What is 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,” said Alchemy Pay CEO John Tan.
Alchemy Pay’s merchant networks include Shopify, QFPay, Hong Kong’s Pricerite, Singapore’s Ce La Vi, Canadian shoe brand Aldo, multinational Arcadier SaaS, Midwest Global Asia taxi services (with its network of more than 2,500 limo drivers), and more.
The company has also created its own token, Alchemy Pay (ACH), an Ethereum-based token that serves as an incentive for the ecosystem and access to use and manage the network. The ACH token has seen a huge price increase recently, rising more than 1680% in the last 14 days.