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Binance to bring Bitcoin payments to Shopify via new partnership

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During turbulent times for the world’s largest cryptocurrency exchange; Binance announced a new partnership with Alchemy Pay to provide cryptocurrency payment options for e-commerce platforms like Shopify.

The partnership will help create a payment bridge between cryptocurrency and fiat money through the Binance Pay wallet.

Binance Pay is a contactless cryptocurrency payment tool on the Binance app. It allows you to send and receive cryptocurrency payments around the world.

Through the exchange’s Binance Pay feature; the partnership will allow users and merchants to send and receive cryptocurrencies worldwide in over 40+ supported cryptocurrencies without incurring processing fees.

Against the backdrop of the partnership, the token of Alchemy Pay grew by 76.5%.

What is Binance?

Binance is the world’s largest cryptoasset exchange with a trading volume of nearly $ 40 billion per day. In addition to creating a market for cryptoassets; Binance provides a wide range of cryptocurrency and blockchain-related services for individuals and organizations. The exchange has its own Binance Smart Chain and its own Binance Coin (BNB) token.

Introducing Alchemy Pay

Alchemy Pay was founded in 2018 to create a versatile hybrid fiat and crypto payment system for businesses that can be deployed on any existing major systems. Today Alchemy Pay services used by about 2 million customers.

Merchants on the Alchemy Pay network, operating in 18 countries, include Shopify; which supports 1.75 million retailers worldwide, as well as marketplace software company Arcadier, and mobile payments company QFPay.

In addition to Shopify, Arcadier, QFPay, Alchemy Pay partners include Hong Kong Pricerite, Singapore Ce La Vi, Canadian shoe brand Aldo, SaaS platform Arcadier, taxi service Midwest Global Asia and many other companies.

A respite from bad news for Binance

The news represents a much-needed respite from the recent spate of bad news and anti-advertising for Binance; which has come under the pressure of global regulatory and private sector actions in recent months. Following regulatory action on Binance by the UK Financial Conduct Authority, at least four banks, including HSBC and Barclays, have blocked transfers to the besieged cryptocurrency exchange for their clients. Binance has also faced similar regulatory pressure in the US, Japan and the Cayman Islands.

The company’s CEO Changpeng Zhao recently admitted that the company needs to evolve from a start-up technology company to a financial services company in order to be fully regulated in these jurisdictions. Zhao also acknowledged that he may not be the best person to lead the company through this transition and is actively seeking a suitable replacement for his role as CEO.

As a reminder, Binance has found a way to make it easier to collect user reports for tax. Also, the network has information about the reduction by the trading platform of the limits on the withdrawal of funds for a certain group of traders.

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