Binance has announced a partnership that will facilitate peer-to-peer (P2P) payments for more than 2 million merchants around the globe. The crypto exchange partnered with hybrid payment platform Alchemy Pay, for payments using the former’s Binance Pay platform.
According to the official announcement, the partnership will allow these merchants to send and receive payments using 40 supported cryptos. The announcement did not specify which assets would be supported.
Binance Pay users will be able to send and receive payments in all 18 countries where Alchemy Pay operates. Users can make crypto payments to merchants currently using Alchemy Pay’s services. These include e-commerce platform Shopify, mobile payment firm QFPay, and Arcadier, a software technology outfit. Others are Canadian footwear company Aldo, and Midwest Global Asia, a taxi services company with a network of over 2,500 limousine drivers.
The Alchemy Pay CEO, John Tan, said the collaboration further bridges the gap between crypto and fiat. He 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.”
According to Tan, Alchemy Pay was founded in 2018 to “build a practical bridge between fiat and crypto”. Tan said that when Alchemy Pay started, the total value of the crypto market was less than a tenth of what it is today.
Image Credits: Pixabay
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