Binance, one of the world’s top cryptocurrency exchanges, has recently established a new partnership with a cryptocurrency payment technology provider known as Alchemy Pay. The collaboration shall mainly help with bringing Binance Pay to Aldo, Shopify, and several other merchants.
The partnership itself had been announced yesterday, on the 4th of August, and both parties are hopeful that by working together, numerous major merchants can be successfully integrated. As such, both Alchemy Pay and Binance shall be constructing a payment bridge of sorts between fiat and crypto by utilizing the Binance Pay wallet and the hybrid payment solutions provided by Alchemy Pay.
For those who might not know, Binance Pay’s function is to act as a user-to-user cryptocurrency payment option, and it is also borderless in nature. It worked in conjunction with the Binance App and was still in the beta testing phase this past February. The feature essentially provides users with the opportunity to send cryptocurrency payments to various merchants and for the merchants to send crypto back as well. Additionally, free handling fees are also offered, with these fees being associated with various transactions that are carried out using digital currencies.
Binance Pay provides over 40 kinds of cryptocurrencies as viable options for consumers as well as merchants.
Much like Binance, Alchemy Pay also works alongside various merchants in an effort to enable its hybrid payment model to be administered to the maximum number of people possible. Alchemy Pay’s representatives have claimed that the company was, in fact, one of the very first to successfully launch a hybrid digital currency and fiat gateway for customers and businesses.
Alchemy Pay serves clients in 18 different nations and provides services to over 2 million merchants. Among this list, some noteworthy institutions and organizations include Ce La Vi, QFPay, Shopify, Arcadier SaaS, and Aldo.
In a recent tweet, Alchemy Pay had said that if it wants to help contribute to the maintenance of a sustainable growth mindset as far as the relatively young crypto industry is concerned, then helping cryptocurrencies to become more popular with mainstream adoption and ensuring that blockchain technology services are implemented on a consistent is absolutely crucial. John Tan, the CEO of Alchemy Pay, had therefore shared Binance’s optimism and believed that the aforementioned partnership could go a long way towards bridging the gap between the realms of fiat and crypto.