Binance, the world’s largest digital currency exchange has partnered with crypto-fiat hybrid payment solutions provider Alchemy Pay to offer users a seamless option to pay and receive crypto and fiat payments through Binance Pay wallet. According to the official announcement, the partnership will make the Binance Pay wallet through the integration of Alchemy fiat-crypto gateway available for both merchants and peer-to-peer transactions.
The application of blockchain network infrastructure to payment systems has taken a new turn in the past couple of years. Leverage the security, speed, and low transaction costs of blockchain technology, there has been a major dive into the development of crypto payment networks. With the two firms combining forces, clients can now choose their preferred options for paying and getting paid with 40+ supported cryptocurrencies.
Binance Pay is a value service from Binance through which crypto transactions can be made without users incurring any special handling fees. The service is available on the Binance app and is accessible to all of Binance users. Alchemy Pay has on its part charted a good growth curve since its inception. The startup prides itself as the one of the pioneers of the world’s first hybrid fiat and digital currency gateway solution for businesses and investors. The partnership with Binance is a new way to expand its payment ecosystem.
“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. “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.”
Binance and Alchemy Pay to Give Client Multi-Currency Payment Options
The partnership between Alchemy Pay and Binance is not just limited to digital currency transactions. Rather, Binance users will be able to leverage and transact with the broad options of fiat currencies to complement the crypto offers.
“Alchemy Pay’s partnership with Binance for the Binance Pay wallet significantly expands the practical backbone applications we build between the crypto and fiat worlds,” John added.
Alchemy Pay has a number of global clients and this will expose Binance users to more services from these entities. Amongst the client Alchemy Pay has onboarded over the years include but not limited to Shopify Inc (NYSE: SHOP), QFPay, Hong Kong’s Pricerite, Singapore’s Ce La Vi, Canadian footwear brand Aldo, multinational Arcadier SaaS, and Midwest Global Asia taxi services (with its network of more than 2500 limousine drivers).
Binance Pay floated as early as February this year was designed to compete with global payment firm Paypal Holdings Inc (NASDAQ: PYPL). The latest partnership shows the new offshoot is on the right trajectory toward competing with existing players in the payment ecosystem.