Binance, arguably the number one cryptocurrency exchange in terms of trading volume, is aggressively pushing into the crypto payments sector with a new crypto-to-fiat interface. The business partnered up with crypto-fiat blended payment network Alchemy Pay on Tuesday to allow peer-to-peer (P2P) crypto payments at more than 2 million worldwide vendors via its payments app Binance Pay.
The feature will enable customers and retailers in the 18 countries where Alchemy Pay functions to pay and take funds utilizing 40 compatible cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).
Binance Pay members will be able to spend at merchants affiliated with Alchemy Pay, such as e-commerce major Shopify, software services company Arcadier, mobile payment service QFPay, and several others.
As per the webpage, Alchemy Pay, which was established in 2018, runs a worldwide crypto-fiat payment network via 300 fiat and cryptocurrency payment routes in 65 countries. Pricerite, Singapore’s Cé La Vi, Canadian clothing brand Aldo, and Midwest Global Asia cab services are also a part of the company’s merchant networks.
The company’s native crypto, Alchemy Pay (ACH) is an Ethereum-based currency intended to motivate the network and provide entry to the network’s usage and administration. The ACH token has lately seen a meteoric rise, with its price increasing by over 1,680% in a matter of just 14 days. As per CoinGecko statistics, ACH is now trading at $0.024, up almost 100% in the last 24 hours.
Coinbase, a prominent global crypto market, launched the coin on Tuesday. According to Alchemy Pay CEO John Tan, the company’s collaboration with Binance “substantially extends the pragmatic backbone services we create between the crypto and fiat worlds.”
He also stated that when Alchemy Pay was established, the entire market cap of the crypto market was “only about a tenth of what it is currently.” Binance Pay, notably, is a contactless P2P crypto payment tool on Binance that allows users to make and accept crypto payments from anywhere in the globe. The software was released in public alpha in March of this year and is now accessible to all qualified Binance users.