The new connection will enable customers and merchants in the 18 countries where Alchemy Pay operates to pay and receive payments using 40 supported cryptocurrencies such as Bitcoin (BTC) and Ether (ETH). Binance Pay customers will be able to pay at merchants affiliated with Alchemy Pay, such as e-commerce giant Shopify, software technology startup Arcadier, mobile payment service QFPay, and others. The business announced a collaboration with crypto-fiat hybrid payment platform Alchemy Pay on Tuesday to enable peer-to-peer (P2P) crypto payments at over 2 million worldwide merchants via its payments app Binance Pay.
The company also has its own token, Alchemy Pay (ACH), which is an Ethereum-based currency used to incentivise the ecosystem and get access to the network’s consumption and governance. The ACH token has had a sudden meteoric increase, with its price increasing by more than 1,680 percent in just 14 days.
According to the company’s website, Alchemy Pay, which was founded in 2018, offers a global crypto-fiat payment gateway through 300 fiat and crypto payment channels in 65 countries. Pricerite, Singapore’s Cé La Vi, Canadian clothing brand Aldo, and Midwest Global Asia taxi services are also among the company’s merchant networks.
According to Alchemy Pay CEO John Tan, the company’s collaboration with Binance “substantially increases the practical backbone applications we develop between the crypto and fiat worlds.” He also stated that when Alchemy Pay was established, the overall value of the crypto market was “less than a tenth of what it is today.”
Binance Pay, as previously reported, is a contactless P2P crypto payment tool on Binance that allows users to make and receive crypto payments from anywhere in the globe. The software was released in public alpha in March of this year and is now available to all qualified Binance users.