Binance Pay Expands Bitcoin Payment Rails to Shopify Through Alchemy Pay Partnership

Binance, in partnership with Alchemy Pay, will enable crypto payment on Shopify, an e-commerce platform and other networks.

By
Chung Yee
on
August 6, 2021
Category:
BSC News

Payment Bridge through Alchemy Pay

Binance has continued to improve on its range of products and services. The leading crypto exchange has recently sealed a partnership with Alchemy Pay to enable crypto payments to more than 3,000 Alchemy merchants. The payment platform has also extended crypto payments to include Binance Coin (BNB) and the stablecoin Binance USD (BUSD)

Binance Pay’s users can send and receive payments in more than 40 supported crypto assets. The announcement was made on Tuesday and is a positive development for the leading crypto exchange. This partnership connects Alchemy’s merchant partners such as Shopify, QFPay, Aldo, Alcadier, and Pricerite. 

"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," Alchemy Pay CEO John Tan said in the announcement from Aug. 3. "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."
Source: Alchemy Pay is the payment partner of Shopify, a global e-commerce company    

Alchemy Pay was founded in 2018 and operates a hybrid fiat-crypto payment platform in more than 65 countries through more than 300 payment gateways. It aspires to provide seamless crypto and fiat acceptance for merchant networks, developers, and financial institutions.

Alchemy has its own native token ($ACH) running on the Ethereum blockchain is seeing a lot of interest from investors. The token price has surged 1,658.7% in the last 30 days.

Increasing the Utility of Binance Pay 

Binance Pay was created as a contactless, borderless and secure cryptocurrency payment technology designed by Binance. It allows its users to pay and be paid in crypto and is available to all users on Binance.com.

Binance Pay can be activated after a simple identity verification process. Binance Pay wallet can be topped-up from Binance Spot wallet. 

Binance is incorporating a secure payment solution by creating a payment gateway using blockchain technology. It also improves the fluidity of crypto assets by functioning as a mode of payment.

Alchemy Pay is a strategic partner to Binance as it expands the use of Binance Pay to its worldwide network of merchants and payment gateways. 

Source: Binance Pay users can also use BNB and BUSD for payments to any Alchemy merchants worldwide.

Improving on User Experience 

Binance, with an existing customer base on its exchange platform, can improve its user experience by providing a payment solution. In the past, crypto-assets had to be converted to fiat before they could be used. This process causes a lot of friction, is clunky, and increases costs. 

‘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,’ Tan added.

Fiat has always been the preferred mode of payment because the value does not fluctuate, unlike crypto assets. This has always been why merchants are slow to accept crypto assets as a form of settlement. There is a need to bridge this divide. 

Merchants are beginning to change their perception as adoption increases. In late March this year, Visa––the payment solution giant––accepted settlement in USD Coin (USDC) stablecoin through its partnership with Crypto.com. Through payments solutions such as Alchemy Pay, settlement in either crypto or fiat is becoming more common.  


Symbiotic Partnerships

Binance’s partnership with Alchemy Pay is feeding an existing demand. Retail users in exchange platforms such as Binance want payment ramps that can facilitate settlement. Many platforms such as Crypto.com and BlockFi are offering Visa debit cards to their users. The partnership with Alchemy Pay is timely as it satisfies a demand that comes with increased adoption. 


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Chung Yee

Chung Yee has a legal background and has been involved in research works for the legal and compliance industry. Writing is his passion, centered on topics such as the blockchain and finance. His largest crypto holdings are Solana, Ethereum, and BNB Token.

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