Binance, the world’s largest crypto exchange, has partnered with crypto-fiat hybrid payment solutions provider Alchemy Pay to build a payment bridge between crypto and fiat through the Binance Pay wallet.
Binance Pay is a contactless, borderless, and secure user-to-user cryptocurrency payment feature on the Binance App. Launched as a beta in February, Binance Pay’s functions allow users and merchants to send and receive crypto payments around the world without incurring special handling fees for using crypto.
Supported by Alchemy Pay’s fiat-crypto integration, Binance Pay is available for both peer-to-peer payments and merchant-based transactions. Users and merchants can choose their preferred options for paying and getting paid with 40+ supported cryptocurrencies.
“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,” said Alchemy Pay CEO, John Tan. “When we started, the total value of the cryptocurrency market was less than a tenth of a percent of what it is today. Electronic payments outside of the $80 trillion fiat economy were virtually unknown to the world.”
Commenting on the partnership, John said, “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.”
Alchemy Pay merchant networks include Shopify, QFPay, Hong Kong’s Pricerite, Singapore’s Ce La Vi, Canadian footwear brand Aldo, multinational Arcadier SaaS, Midwest Global Asia taxi services (with its network of more than 2500 limousine drivers) and more.