The world’s leading cryptocurrency exchange by trading volumes, Binance, continues actively expanding into the cryptocurrency payments industry via a new crypto-to-fiat integration.
Within an official announcement earlier on Tuesday, the company announced its new partnership with crypto-fiat hybrid payment platform Alchemy Pay to enable P2P crypto payments at over 2 Mln global merchants via its payments app Binance Pay.
The new integration will permit users and merchants to pay and accept payments using 40 supported crypto assets like Bitcoin [BTC] and Ethereum [ETH] in 18 countries where Alchemy Pay operates. Binance Pay users will be able to pay across merchants of Alchemy Pay’s partners, along with e-commerce giant Shopify, software technology company Arcadier, mobile payment provider QFPay along with others.
Launched earlier in 2018, Alchemy Pay operates a worldwide cryptocurrency-fiat payment gateway through 300 fiat and crypto payment channels in 65 countries, consistent with the company’s website. The company’s merchant networks also include Hong Kong’s biggest furnishing company Pricerite, Singapore’s Cé La Vi, Canadian footwear brand Aldo, and Midwest Global Asia taxi services.
The firm is additionally running its own token, Alchemy Pay [ACH], an Ethereum-based token to incentivize the ecosystem and access to the network’s consumption and governance. The ACH token has been seeing a skyrocketing surge recently, with its price rising by over 1,680% over the past 14 days.
At the time of reporting, ACH is trading at $0.024 USD, up nearly 100% over the past 24 hours, consistent with data from CoinGecko. Earlier on Tuesday, the token was listed by the leading global cryptocurrency exchange Coinbase.
Alchemy Pay CEO John Tan added that Alchemy Pay’s collaboration with Binance “significantly expands the smart backbone apps we build between the crypto and fiat worlds.” He also outlined that the entire value of the crypto market was “less than a tenth of a percent of what it’s today” when Alchemy Pay was launched.