The price of cryptocurrency Alchemy Pay ACH/USD is surging almost 120% in early Friday trading.
What Happened: The surge in Alchemy Pay’s price comes after crypto custody services provider Cobo said Thursday it has partnered with crypto-fiat hybrid payment solutions provider Alchemy Pay to add hybrid crypto-to-fiat payment options to its platform.
The two companies will partner to offer overseas payment channels to millions of customers using their services.
ACH is the Ethereum-based ETH/USD governance token of Alchemy Pay. It has a market capitalization of $193.9 million.
Why It Matters: The ACH token had rallied 127% on Wednesday after crypto exchange Binance said Wednesday it has partnered with Alchemy Pay to build a payment bridge between crypto and fiat through the Binance Pay wallet.
In addition, crypto exchange Coinbase Global Inc. COIN said earlier this week that users will be able to transfer ACH to their Coinbase Pro wallet, with trading beginning on August 3.
Price Action: Alchemy Pay touched a high of $0.07799 late Thursday. The altcoin is up 118.3% during the last 24 hours, trading at $0.0649 at press time.
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