Binance Supports Crypto Payments On Alchemy Pay

Binance Pay is a contactless P2P crypto payment feature on Binance. (photo: unsplash)

JAKARTA - Binance, the world's largest cryptocurrency exchange by trading volume, continues to actively expand into the crypto payments industry through new crypto-to-fiat integrations.

The company on Tuesday, August 3 announced a partnership with crypto-fiat hybrid payments platform, Alchemy Pay, to enable peer-to-peer (P2P) crypto payments at more than 2 million global merchants through its payments app Binance Pay.

The new integration will allow users and merchants to pay and receive payments using 40 supported cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) in the 18 countries where Alchemy Pay operates. Binance Pay users will be able to pay across Alchemy Pay's partner merchants, including e-commerce giant Shopify, software technology company Arcadier, mobile payment provider QFPay, and others.

Founded in 2018, Alchemy Pay operates a global crypto-fiat payment gateway through 300 fiat and crypto payment channels in 65 countries. The company's merchant network also includes Hong Kong's largest furniture company Pricerite, Singapore's Cé La Vi, Canadian footwear brand Aldo, and taxi service Midwest Global Asia.

The company also runs its own token, Alchemy Pay (ACH), an Ethereum-based token used to incentivize the ecosystem and access to consumption and network governance. The ACH token has seen a skyrocketing surge recently, with its price rising more than 1.680% over the last 14 days.

As of writing, ACH is trading at 0.024, the US dollar is up nearly 100% over the past 24 hours, according to data from CoinGecko. On Tuesday, the token was listed by major global crypto exchange Coinbase.

“Alchemy Pay's partnership with Binance significantly expands the practical application backbone we are building between the crypto and fiat worlds”, said Alchemy Pay CEO John Tan. He also noted that the total value of the crypto market was “less than a tenth of a percent of what it is now” when Alchemy Pay was launched.

As previously reported, Binance Pay is a contactless P2P crypto payment feature on Binance, which allows users to send and receive crypto payments worldwide. The app launched in public alpha this March and is available to all eligible Binance users.