What is Alchemy Pay?

Alchemy Pay (ACH) is a Singapore-based payment solutions provider that was established in 2018. It aspires to bridge the gap between fiat and crypto economies, catering to global consumers, merchants, developers, and institutions. Alchemy Pay aims to provide a platform for both online and offline merchants to accept both fiat and crypto payments, facilitating potential integration into blockchain ecosystems and making decentralized finance (DeFi) services more accessible. The platform's native token, ACH, is an ERC20 token on the Ethereum blockchain. Alchemy Pay is currently supported in over 70 countries with 300 payment channels, reaching more than 2 million merchants through strategic partnerships.

How does Alchemy Pay work?

Alchemy Pay operates by connecting a vast network of leading blockchain entities, over-the-counter and crypto exchanges, and remittance companies worldwide. This network enables the seamless movement of funds between fiat and crypto. Commercial businesses and developers can access Alchemy Pay's services by integrating its payment channels, APIs, and other Software as a Service (SaaS) solutions. Alchemy Pay's system is designed to support complex account infrastructures, complex payment models, and complex transactions, potentially with cost savings of decentralized applications. The platform also implements a large number of smart contracts to automate payments, making it easier for non-technical users and developers to utilize smart contracts.

What are the potential use cases for Alchemy Pay?

Alchemy Pay has a wide range of potential use cases. It can be used by online and offline merchants to accept both fiat and crypto payments, making it easier for consumers to make purchases using their preferred currency. It can also be used by developers to integrate payment channels, APIs, and other SaaS solutions into their applications. Alchemy Pay can also be used by financial institutions and fund management firms to offer crypto services to their clients. Furthermore, Alchemy Pay can be used by individuals to borrow, make purchases, receive compensation through staking, and trade crypto assets directly.

What is the history of Alchemy Pay?

Alchemy Pay was founded in Singapore in 2018 with the mission to bridge the gap between fiat and crypto economies. The founding team's experience in traditional finance and technology positioned Alchemy Pay to overcome long-standing barriers and drive mainstream adoption of cryptocurrencies. Since its inception, Alchemy Pay has grown significantly, now supported in over 70 countries with 300 payment channels. It has established partnerships with industry leaders, expanding its reach to more than 2 million merchants. The platform's native token, ACH, was pre-mined at its cap on September 4, 2019.