Binance, the world's largest cryptocurrency exchange by trading volume, has announced a new crypto-to-fiat integration as part of its ongoing expansion into the crypto payments market.
Through its payments app Binance Pay, the firm announced a partnership with crypto-fiat hybrid payment platform Alchemy Pay on Tuesday to enable peer-to-peer (P2P) crypto payments at over 2 million global retailers.
In the 18 countries where Alchemy Pay works, users and merchants will be able to pay and accept payments using 40 supported cryptocurrencies such as Bitcoin (BTC) and Ether (ETH). Binance Pay users will be able to make purchases at Alchemy Pay's partner merchants, which include e-commerce giant Shopify, software technology startup Arcadier, mobile payment provider QFPay, and others.
Alchemy Pay is a global crypto-fiat payment gateway that accepts 300 fiat and crypto payment channels in 65 countries, according to the company’s website. Pricerite, Hong Kong's largest furniture company, Singapore's Cé La Vi, Canadian clothing brand Aldo, and Midwest Global Asia taxi services are among the company's merchant networks.
Alchemy Pay (ACH), an Ethereum-based currency intended to encourage the ecosystem and access to the network's consumption and governance, is also in use. The ACH token has recently had a meteoric rise, with its price growing by more than 1,680 percent in the just 14 days.
ACH is currently trading at $0.024, up roughly 100 percent in the last 24 hours, according to data from CoinGecko. Coinbase, a prominent global crypto market, listed the cryptocurrency on Tuesday.
The relationship between Alchemy Pay and Binance, according to CEO John Tan, "substantially widens the practical backbone applications we build between the crypto and fiat worlds." When Alchemy Pay was founded, the overall value of the crypto market was "less than a tenth of a percent of what it is today," he added.
Binance Pay is a contactless P2P crypto payment service on Binance that allows users to send and receive crypto payments all around the world, as previously reported. The app was released in public alpha in March and is now available to all Binance users who are eligible.
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