Binance has partnered with crypto-fiat hybrid payment solutions provider Alchemy Pay to build a payment bridge between crypto and fiat through the Binance Pay wallet.
Binance Pay is a contactless, borderless, and secure user-to-user cryptocurrency payment feature on the Binance App. It was launched as Beta in February, Binance Pay’s functions allow users and merchants to send and receive crypto payments around the world without incurring special handling fees for using crypto.
Binance Pay is available for both peer-to-peer payments and merchant-based transactions. It is supported by Alchemy Pay’s fiat-crypto integration. Users and merchants can choose their preferred options for paying and getting paid with 40+ supported cryptocurrencies.
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“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,” said Alchemy Pay CEO, John Tan. “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 commented on the partnership that, “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.”
