Shopify Users are set to get a new payment alternative that is going to be made possible by Binance, the world’s largest cryptocurrency exchange by the number of trades. This new payment initiative was made possible as a result of the partnership between the crypto payment platform and Alchemy Pay, one of the pioneers of crypto fiat hybrid payment solutions.
According to a statement from Binance, the partnership will allow Binance users to use the Binance Pay app to carry out crypto transactions with more than 40 supported digital currencies. As a mutually beneficial partnership, clients of Alchemy Pay will also gain additional exposure to crypto payments through Binance Pay. This move will take crypto directly to the formers global partners including Shopify.
There are a number of Global partners that will also benefit from this new partnership and they include QFPay, Hong Kong’s Pricerite, footwear brand Aldo, Ce La Vi, and Midwest Global Asia taxi services. The superiority in Blockchain payment networks which guarantees faster speed, cheaper, and more secure transactions has been a focal point for new payment solutions over time. Binance Pay was created to challenge the current players in the payment and fintech space like Squares cash and PayPal. This partnership announcement will further help in bringing the goal closer.
“Alchemy Pays partnership with Binance for the Binance Pay wallet significantly expands the practical backbone applications we build between the crypto and fiat worlds,” says the CEO of Alchemy Pays, John Tan. Binance has been facing regulatory problems from governments across the world, in the UK for example the financial regulatory body claimed that Binance is operating illegally in the United Kingdom. They Banned the Platform from any type of activity in the United Kingdom, the same thing applies to Japan.
Binance has however continued to assure their teaming users that they are negotiating with governments around the world and they would resume trading soon.