- Alchemy has announced the integration of Binance into its global payments service and has initiated a trial phase in Singapore.
- Alchemy’s potential to become a very successful firm comes from the need for a strong infrastructure to enable the utility provided by cryptocurrencies.
- The founders of the company, hoping to make Alchemy the “Microsoft” of the blockchain industry.
Blockchain startup, Alchemy has announced the integration of Binance into their global payments service and has initiated a trial phase in Singapore, the company announced in a Twitter post. Binance CEO, Changpeng Zhao commented that Binance is having “strong” partners adopt their platform.
— CZ Binance ??? (@cz_binance) February 18, 2020
Alchemy has been a high potential startup since its funding rounds, gathering large investments from very prominent investors including Coinbase; Alphabet, Inc. Chairman, John Henessy; Samsung; Linkedin co-founder, Reid Hoffman; Yahoo’s co-founder, Jerry Yang; Chris Kelly, former legal chief at Facebook; and Stanford University, to name a few.
Alchemy’s potential to become a very successful firm comes from the need for a strong infrastructure to enable the utility provided by cryptocurrencies. As crypto-currencies gather more mainstream attention, there is going to arise the need for a base system to allow cryptocurrency transactions, smart contracts, apps and such, and this is what Alchemy hopes to solve.
The founders of the company, hoping to make Alchemy the “Microsoft” of the blockchain industry. They are providing blockchain solutions in the corporate sector that can be easily integrated within existing businesses.
This ease of accessibility to a new frontier of payment is exactly what has bought some of Alchemy’s larger clients. Their simplified and unified offering of a fiat-cryptocurrency-based payment system will definitely be a strong factor in bring mass adoption.
This also stands as a strong opportunity for Binance to expand its services across a wider region through Alchemy. As the market necessity for a strong platform for unified cryptocurrency transactions increases, Alchemy remains not the only platform pushing for a global payment solution.
Payment systems like Bitsa exist in European countries enabling fiat-crypto payments. Alchemy’s success, despite its strong backing, will remain in how effectively the company will implement its payment systems and how much adoption they can drive.