Binance and crypto payment technology providers Alchemy Pay are teaming up to bring Binance Pay to Shopify, Aldo, and other merchants.
On Aug 4 Binance and Alchemy Pay announced a partnership to help integrate several major merchants. The pair will build a payment bridge between cryptocurrency and fiat using Alchemy Pay’s hybrid payment solutions and the Binance Pay wallet.
Binance Pay serves as a borderless user-to-user crypto payment option housed within the Binance App. As of February, it was still in beta testing. The feature allows users to sent crypt payments to merchants, and vice versa, as well as offering free handling fees associated with digital currency transactions. Binance Pay offers more than 40 different cryptocurrencies as options for both merchants and consumers.
Alchemy Pay’s hybrid payment solution
Alchemy Pay works with numerous merchants to allow its hybrid payments to reach the broadest audience possible. The company states that it was one of the first to release a hybrid fiat and digital currency gateway for both businesses and customers. Alchemy Pay is currently available in 18 countries and more than two million merchants. Some of the bigger name panthers they have include Shopify, Canadian shoe brand Aldo, Midwest Global Asia Taxi Services, QFPay, Pricerite, Ce La Vi, and Arcadier SaaS.
In a tweet on the news, Alchemy Pay stated that “The adoption of crypto and blockchain services is paramount to the sustainable growth of this young industry.”
In the press release, Alchemy Pay CEO, John Tan shared his optimism on the collaboration with Binance. “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.” Tan goes on to talk about the history of Alchemy Pay and its vision for the future.
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.” The CEO added that when the team started Alchemy Pay, the value of the cryptocurrency market was less than a tenth of what it has grown into today.