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Binance now creating a new bridge between crypto and fiat

Binance Pay in collaboration with Alchemy Pay will allow users and merchants to send and receive crypto payments globally
Binance

Binance Pay in collaboration with Alchemy Pay will allow users and merchants to send and receive crypto payments globally.

As announced on Tuesday, Binance users will now be able to pay across merchants of Alchemy Pay’s partners. Important names like e-commerce giant Shopify and software technology company Arcadier are included in the list.

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“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.”

John Tan

Peer-to-peer (P2P) digital currency payments at more than 2 million merchants are now a reality through the application Binance Pay. The new feature supports 40 virtual assets in the 18 countries where Alchemy operates.

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“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.”

John Tan

Alchemy Pay was founded in 2018 and also runs its own token which is based on the Ethereum blockchain. The ACH coin is used for the network’s governance and to incentivize the ecosystem. Its price has surged significantly in the past two weeks.

“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. 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.”

John Tan who is the CEO of Alchemy Pay

Binance has been experiencing a real crackdown from the Financial Conduct Authority (FCA) in the United Kingdom. The exchange also withdrew its application and did not register with the regulator because it couldn’t meet anti-money laundering requirements.

The Financial Conduct Authority also published a consumer warning on its official website informing the British about the new ban.

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