Binance cryptocurrency exchange has partnered with crypto-fiat payment solutions provider Alchemy Pay to build a payment bridge between cryptocurrency and fiat through the Binance Pay wallet.
On August 3, the world’s largest cryptocurrency exchange by trading volumes, Binance announced a partnership with crypto-fiat payment platform Alchemy Pay for enabling peer-to-peer (P2P) crypto payments.
Thus, through the new crypto-to-fiat integration, Alchemy Pay’s crypto-fiat gateway technology will enable P2P payments at over 2 million global merchants through the payments app Binance Pay.
Users of the cryptocurrency exchange will now be able to pay across merchants of Alchemy Pay’s partners, including e-commerce giant Shopify, software tech company Arcadier, mobile payment provider QFPay Hong Kong's Pricerite, Singapore's Ce La Vi, Canadian footwear brand Aldo, multinational Arcadier SaaS, Midwest Global Asia taxi services and more.
Commenting on the integration, Alchemy Pay CEO John Tan said:
“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. 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.”
Moreover, the new integration will allow users and merchants to pay and accept payments using 40 supported cryptocurrencies in over 18 countries where the crypto-fiat gateway currently operates.
Binance Pay is a contactless P2P cryptocurrency payment feature on the Binance App that allows users to send and receive crypto payments around the world.
Available for both peer-to-peer payments and merchant-based transactions supported by Alchemy Pay’s fiat-crypto integration, Binance Pay allows users and merchants to choose their preferred options for paying and getting paid with over 40 supported cryptocurrencies.
Launched as a beta in February, users can send and receive crypto payments around the world without the hassles of any additional handling fees for using crypto.