BINANCE PARTNERS WITH ALCHEMY PAY
- The largest cryptocurrency exchange by volumes, Binance partners with Alchemy Pay.
- Alchemy Pay is the world’s first hybrid crypto-fiat payment gateway.
- This partnership facilitates Binance pay users to pay to thousands of online merchants across the world in the form of cryptocurrencies.
What is Binance?
Binance is a company which operates the world’s largest Bitcoin and altcoin exchange by volume. This means that Binance experiences the largest trading volume in the world. The company was founded in 2017 and its headquarters are located in the Cayman Islands, Seychelles. Binance partners with Alchemy in midst of facing investigation.
Although Binance is facing investigation by the Department of Justice in the United States for alleged money laundering and its operations in the UK have been banned, the company has continued to announce partnerships and expand their business across the globe.
Its recent announcement outlines its partnership with a hybrid crypto-fiat payment gateway company, Alchemy Pay.
What is Alchemy Pay?
Alchemy Pay, as mentioned, is the world’s first hybrid payments facility. The company’s operations are functional in over 65 countries with over 300 fiat and cryptocurrency payments options.
Alchemy Pay has had many strategic partnerships in the past with established exchanges such as Huobi, Arcadier, Gate.io, Celo, QFpay and finally Shopify.
Now, Alchemy Pay has established a partnership with Binance, hence expanding their revenue from operations even more.
What is the recent announcement?
Alchemy Pay has recently announced its partnership with Binance through its official twitter account. The company announced that it has partnered up with Binance will enable Binance Pay users to pay millions of merchants online through cryptocurrencies. Alchemy Pay includes 40+ cryptocurrencies such as Bitcoin, Ethereum, Cardano, Ripple and many more. Thus, Binance partners with Alchemy Pay to enable various payments options to clients.
The company has infused this feature across most of its strategic partners including Shopify, the E-commerce giant, Arcadier and the mobile payment facilitator, QFPay.
This implies that Binance Pay users can transact with merchants on Shopify with cryptocurrencies of their choice. They can pay for services purchased on Arcadier with Bitcoin, Ethereum and many more. Finally, with the QFPay application, they can pay cryptocurrencies to its users globally.
This feature will be allowed in about 18 countries under the purview of Alchemy Pay with the support of 40 major cryptocurrencies such as Bitcoin and Ethereum.
Thus, with this facility, Binance Pay will enable both, peer-to-peer payments through QFPay and merchant-based payments on platforms such as Shopify.
It is also important to note that Shopify has taken various steps to enable buyers and sellers to pay and receive in cryptocurrencies. Earlier this month, Shopify announced the establishment of NFT stores and cryptocurrency payments options to all its users.
What does the CEO feel about it?
On the establishment of this partnership, The CEO of Alchemy Pay reminisces of the first days of the company.
“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.”
Prominently, the company as well as the cryptocurrency market has made a giant leap since then. Alchemy Pay has established various imminent partnerships whereas the cryptocurrency markets have reached new heights.
What are the benefits of this partnership?
Ideally, the establishment has various benefits for all parties involved. Here are some of the advantages to Binance.
- With this partnership, Binance can repair its reputation which has been smeared by the investigation conducted in the US.
- It can make up for the lost revenue in the United Kingdom. This partnership expands the operations of its subsidiary, Binance Pay and increases its revenue.
- Binance can access other partners associated with Alchemy Pay such as Shopify, Arcadier and QFPay so as to build strategic relationships in the future.
Advantages to Alchemy Pay
- Alchemy can add another feather to their ‘partnership’ hat by establishing partnership with Binance.
- The payment company will gain more attraction owing to the association with the largest cryptocurrency exchange in the world.
- Alchemy will benefit from the numerous users of Binance Pay who will use its platform to transact with one another.
- The firm will be able to generate more revenue by charging transaction costs for each payment conducted.
Advantages to the Public
- The Binance pay users will now be able to buy products on Shopify and make payments in cryptocurrencies conveniently.
- The transaction costs will be lower than the standard international charges incurred otherwise.
- The merchants will receive digital assets rather than depreciating fiat as payments.
In conclusion, this partnership will bring fruitful benefits to everyone involved. Hopefully, it will also facilitate the revival in the cryptocurrency market. Binance partners with Alchemy Pay and it will be beneficial in aggregation.