One of the most recognizable exchanges is significantly contributing to global cryptocurrency adoption. Binance Pay users will be able to make purchases with Alchemy Pay partners, including Shopify.
New partnership, broad opportunities
Binance is the world’s largest cryptocurrency exchange in terms of trading volume. At the same time, it is a platform that stands out from the rest with its very dynamic development. In March this year it introduced the Binance Pay service, which is a cryptographic payment technology that allows making and receiving transactions based on its own ecosystem.
It is because of this service that Binance has decided to launch its latest partnership. We are talking about Alchemy Pay, which is a hybrid platform dealing with, among other things, peer-to-peer cryptocurrency payments, bringing together as many as 2 million merchants. Binance will soon gain access to this special audience by offering them payments in as many as 40 possible cryptocurrencies. Alchemy Pay operates in 65 countries around the world, and although Binance won’t initially have such a wide reach, it illustrates the potential future reach of the market.
One of Alchemy Pay’s most prominent customers is e-commerce giant Shopify.
Shopify and its essence
Shopify is a Canadian company listed on NASDAQ whose core business is e-commerce. It is an e-commerce platform that offers payment, marketing and product shipping services. Shopify also offers customer integration tools to help run mostly small online stores.
So much in theory, the practice is better reflected by the numbers showing the company’s statistics for 2020. You can see in them that the entire Shopify marketplace received as many as 59 million visits during that time. 40 million of them came from the United States. It is also a company with an extremely dynamic growth path. Its annual revenue was almost $3 billion. This is an 86% increase compared to 2019. Economists’ forecasts, in turn, predict that the ongoing year will bring Shopify as much as $3.6 billion.
The doors to cryptocurrencies are opening wider and wider
The statistics presented above best illustrate the dynamics of the development of the market, the beneficiary of which is Shopify. Such an instant reach to new users and a dramatically increasing number of them shows how wide opportunities are opening for Binance and cryptocurrencies. Shopify provides an opportunity for Bitcoin and altcoin adoption in a wider space than before. Moreover, it intensifies something that is the essence of how any kind of money works – it connects sellers with their customers. This is insanely important given the adoption of virtual coins in this space that we are seeing around us.