Binance’s fallout with regulators across the globe hasn’t stopped the cryptocurrency exchange from growing. A recent announcement about its latest partnership with Alchemy Pay is enough proof about the same.
The world’s largest crypto exchange in terms of trading volume noticed a major slump this month following the extensive scrutiny imposed by regulators from all around the world. Several notices were issued from regulators from Japan, Ontario, Singapore, the Cayman Islands along with several others.
This did not hold the exchange back as it continued exploring and expanding. Alchemy Pay revealed in its latest press release, its association with Binance. Alchemy Pay is a crypto to a fiat payments platform that carries out P2P crypto payments across the globe. With this partnership, the platform hopes to formulate crypto to fiat payment bridge via Binance Pay wallet.
Binance continues to explore and expand
The exchange’s latest venture would pave the way to increase in crypto payments on platforms like Shopify, mobile payment platform QFPay, software technology firm Arcadier and several other partners of Alchemy Pay. A total of 40 crypto assets are supported by the platform and this list includes Bitcoin [BTC], Ethereum [ETH], and several others.
Speaking about the latest partnership, John Tan, the CEO of Alchemy Pay said,
“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. 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.”
Additionally, Alchemy Pay functions in over 18 countries. This not only would elevate the presence of crypto but also pave the way to Binance’s growth. The platform even has its native token called ACH which runs on the Ethereum blockchain.