Payment solution provider Alchemy Pay has integrated its native token, ACH, as a payment method into Binance Pay, the cryptocurrency payment system developed by the cryptocurrency exchange Binance. This integration allows users to make payments using ACH on both online and offline merchants affiliated with Binance Pay.
The integration aims to enhance the practical applications of cryptocurrency, extending its usability across a wider range of consumer scenarios and encouraging adoption. With ACH now incorporated into Binance Pay, users can utilize ACH in diverse scenarios supported by Binance Pay’s strategic merchants. These scenarios encompass various sectors, including ride-hailing, e-commerce, food retail, lifestyle, gaming, travel, insurance, and non-fungible token (NFT) projects.
Along with the announcement, Alchemy Pay initiated a promotional campaign to distribute ACH rewards equivalent to $19,000. Users are encouraged to purchase at least $10 equivalent in any cryptocurrency at any Binance Pay merchant through the Binance Pay platform from March 11th to March 31st.
Upon meeting this criterion, users will qualify to receive a 70 ACH token voucher. Additionally, the top 20 users with the highest cumulative purchasing volume using ACH and Binance Pay will be eligible for additional ACH rewards based on their expenditure, with the highest spender receiving an additional 5,000 ACH reward.
With the integration of $ACH into #BinancePay as a payment method, you can spend $ACH for:Fashion and beautyWeb3 gaming and e-sportsTravel products and servicesGas station refillsReal estate purchasingand more!https://t.co/Hft1pfUGPS#AlchemyPay #Binance pic.twitter.com/tBW4Yi5KKg
— Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) March 27, 2024
With the primary objective of facilitating online transactions, Binance Pay supports various cryptocurrency payment methods. According to Binance Pay, in 2021, it recorded over $120 billion in total transactions, showcasing a yearly growth rate of 71% and a 70% surge in active users in 2023.
Alchemy Pay Plans to Launch Web3 Digital Bank Service in 2024, Expanding Cryptocurrency Payment Options
Established in 2017, Alchemy Pay provides a range of services, including On & Off-Ramp solutions, NFT checkout, cryptocurrency cards, and cryptocurrency payments, serving users in 173 countries.
Alchemy Pay’s native token, ACH, operates as an ERC-20 incentivizing utility token deployed on the Ethereum blockchain for covering transaction fees, rewarding network usage, reducing transaction costs, and serving as collateral by business partners during onboarding. Additionally, ACH is listed on prominent cryptocurrency exchanges, including Binance and Coinbase, among others.
In its efforts to expand the practical applications of cryptocurrency payments, Alchemy Pay has recently announced its plan to introduce a Web3 Digital Bank service later in 2024. This forthcoming service will enable individuals and businesses to create multi-currency accounts and conduct real-time conversions between fiat money and cryptocurrencies.
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