Binance, the world’s largest crypto exchange by trading volume, has partnered with Alchemy Pay, the world’s first hybrid fiat and digital currency gateway.
What Happened: According to a press release on Wednesday, the partnership will facilitate a payment bridge between crypto and fiat through the Binance Pay wallet.
Binance Pay can be used for both peer-to-peer payments and merchant-based transactions, where users and merchants can choose from over 40 supported cryptocurrencies.
Moreover, it will enable users and merchants to send and receive crypto payments around the world without incurring special handling fees for using crypto.
Why It Matters: Alchemy’s network of two million merchants spans across 18 different countries and includes multinational e-commerce company Shopify Inc (NYSE:SHOP) and Canadian footwear brand Aldo.
Alchemy Pay was founded in 2018 to build an all-in-one hybrid fiat and crypto payments system for businesses that can be deployed on any existing mainstream systems.
The blockchain-based project has its own Ethereum-based (CRYPTO: ETH) governance token Alchemy Pay (CRYPTO: ACH) which has rallied 127% overnight. At the time of writing, ACH was trading at $0.02708.
“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,” said Alchemy Pay CEO John Tan.
“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,” he added.
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