Despite growing pressure from regulators, Binance has continued to expand its operations. Following a partnership with crypto-fiat hybrid payment platform Alchemy Pay, Binance Pay users can now pay millions of merchants with crypto.
Alchemy Pay will allow peer-to-peer crypto transactions across over 2 million global merchants via the Binance Pay app.
The new partnership will integrate a new crypto-to-fiat payment system into companies such as Shopify (NYSE:SHOP), software technology company Arcadier, and mobile payment provider QFPay, all partners with Alchemy Pay.
The feature will be functional in the 18 countries where Alchemy Pay operates, and it will support about 40 digital currencies, including Bitcoin and Ethereum.
Alchemy Pay was founded in 2018. The company operates a global crypto-fiat payment platform in 65 countries through 300 fiat and crypto payment channels. The firm also runs its own Ethereum-based native token ACH, which has seen a rapid rise in its value lately, with a surge of over 1,680% in the past 2 weeks.
John Tan, CEO of Alchemy Pay, spoke about the partnership with Binance, noting that it “significantly expands the practical backbone applications we build between the crypto and fiat worlds.”