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News and updates from the world’s leading cryptocurrency exchange
Apr 08
2020
Working Together With Alchemy to Make BUSD Mainstream in Singapore and Beyond

Building upon the strong momentum of BUSD in the global crypto markets, Binance is growing the ecosystem of use cases for BUSD through collaborations with solutions such as Alchemy Pay, Travala, and more.

It has been less than a month since BUSD surpassed the $100 million mark for its total supply and market cap. Since then, the US dollar-backed stablecoin of Binance progressed further and is now the fourth-largest stablecoin in the world, with a market cap surpassing $200 million as of press time. 

An important factor for the recent and future growth of BUSD is our ongoing effort to build out collaborations with multiple payment solutions and other early adopters in the crypto space. We aim for BUSD to be a mainstream payment option, not only within the crypto space but also in physical and digital payment points around the world. A significant step into this direction is our recent collaboration with international payment company AlchemyPay to use BUSD as a digital currency for payment in local stores worldwide.   

Binance, Alchemy Pay Collaborate for Widespread BUSD Acceptance in Singapore

Binance and Alchemy Pay are working on a pilot project that aims to drive the adoption of BUSD as a mainstream payment option. The project began in Singapore, where Alchemy Pay enabled the acceptance of BUSD at its merchants, including more than 2,000 high-end commercial vehicles and hundreds of offline stores. These commercial vehicles, usually Mercedes-Benz and Toyota Alphard models, are conveniently located in the taxi waiting areas of iconic places such as Singapore Changi International Airport, MBS, Universal Studios Singapore, and many five-star hotels. 

Other merchants in the pilot program include the Sky Bar on the top floor of the world-renowned Marina Bay Sands Hotel, and other shops that serve day-to-day needs such as fashion shops, cosmetics shops, restaurants, convenience stores and more.

To spend BUSD at the designated merchants, you can use the Trust Wallet or Binance App and spend the BUSD stored in your app to pay for your purchases. The consumption amount will be automatically converted into BUSD equivalent to fiat currency and then deducted from the user's Wallet. 

To know more about this collaboration, join this upcoming AMA about BUSD and Alchemy Pay on Cointelegraph China on April 9, 2:30 to 4:00 PM UTC+8, Click here to join Alchemy’s Telegram Group or add this Cointelegraph Wechat Contact: Tracychain

Singapore Today, More Markets Soon

The pilot project is just the first step in what will be a comprehensive application of BUSD into more functions. Through Alchemy Pay’s payment system, BUSD will become the preferred stablecoin for exchange centers. BUSD can also be used in the field of payment and settlement; that is, any two cryptocurrencies that cannot be directly exchanged will be converted into BUSD as a medium. BUSD will be used as a default settlement currency among enterprises, banks, and payment companies.
The cooperation between Binance and Alchemy Pay in BUSD will cover major industries such as finance, trade, consumption, entertainment, travel,  and more in Alchemy Pay’s expansion plan among 1.2 million local and online merchants in Asia and North America. Also, BUSD will become the interchange and settlement currency to banks and payment networks. Companies such as Alchemy Pay are showing a preference for BUSD, which is fully regulated by the New York State Department of Financial Services (NYDFS) and backed 1:1 by funds of the world’s largest cryptocurrency exchange. BUSD is expected to reach more markets as a payment option in the coming years, as part of Alchemy Pay’s plan to enter more than 25 markets, including Canada, the UAE, the Philippines, and more. 

Alchemy Pay is just one of the several partners we are working with on mainstream adoption for BUSD. Recently, the online travel booking platform Travala.com integrated BUSD as a payment option for booking more than two million hotels and accommodations across 230 countries and territories worldwide. As of April 2, a total of 416 million BUSD has been purchased (also known as minted or tokenized), whether through Binance, Paxos, or the 45 exchanges where BUSD can be purchased and/or traded.