What Is Alchemy Pay (ACH)?

Alchemy Pay (ACH) is a hybrid payment system that aims to connect traditional and cryptocurrency economies. Alchemy Pay provides integrated gateway solutions for merchant networks, developers, and financial institutions, enabling seamless acceptance of traditional and crypto payments by making crypto purchases, commercial transactions, and DeFi services easily accessible to consumers and institutions.

According to the whitepaper, Alchemy Pay cites two major issues that it seeks to address. Regular payment methods are complicated, and linking traditional and crypto payments is difficult. When it comes to traditional finance's complicated payment processing system, the procedure involves many intermediaries, each of whom charges a fee for their services. It is critical to have faith in intermediaries to accomplish any deal. Security and privacy processes spend a significant amount of resources preserving this confidence. As a result, transaction fees typically amount to 30–50% of the whole transaction value, with cross-border transactions even more difficult. Since individuals are accustomed to making payments in traditional currencies, cryptocurrency is not accepted widely in day-to-day transactions. 

Alchemy Pay believes that a gradual transition to a decentralized world is more reasonable rather than replacing regular payments with crypto. Alchemy Pay intends to achieve this goal through crypto bridging and presenting a hybrid solution that is simple to use. The goal of Alchemy Pay is to use traditional currency to access blockchain services and value and cryptocurrency to access traditional finance services.

Alchemy Pay's main service is an all-in-one payment network for businesses. The platform allows users to make payments via traditional mobile wallets, cryptocurrencies, and credit cards in any system: offline (POS terminals and mobile devices), online, or through apps. Businesses can also choose to receive funds in traditional currency rather than cryptocurrency. The core idea is to merge traditional and cryptocurrency payments in merchant settlement systems that serve the following user categories: 

• Payments on a B2C and B2B basis for businesses: Through hybrid payment gateways, the platform seeks to enable businesses to transact with both retail consumers and other businesses, for example, cryptocurrency exchanges, e-commerce platforms, and brick-and-mortar retailers.

• Institutions: By facilitating the exchange between conventional currency and crypto, the platform aims to enable financial institutions such as banks and fund management firms to offer crypto trading services to their clients.

• Individuals: Individuals can borrow, purchase traditional and crypto assets, earn yield by staking, and trade crypto assets directly through the platform. Users can stake, acquire, and pay fees in ACH tokens to drive the Alchemy Pay ecosystem's functions and bestow voting rights in token governance.

Elaborating on the token, ACH is the native token of the platform. The whitepaper mentions that the ACH token enables a comprehensive crypto-fiat transaction infrastructure, allowing businesses, organizations, and people to exchange major currencies and crypto assets easily. Transaction and processing fees are paid in traditional currency or via ACH. Choosing to pay fees via ACH will result in a variety of fee savings, which will vary depending on the terms and circumstances of the participants. Also, users' voting rights on major business decisions and protocol modifications are distributed proportionally to ACH holdings. The platform also expects non-governance voting scenarios, such as opinion surveys and various promotional contests, to be facilitated by ACH holdings. Both ACH holders and non-holders can be qualified and incentivized to vote (or participate in some form) in various initiatives and campaigns using ACH. Additionally, transaction and DeFi rewards are distributed through ACH. 

History of Alchemy Pay (ACH)

John Tan is the CEO of Alchemy Pay. He is a growth guru experienced in the business development of leading payment service providers and PR agencies. Shawn Shi is the chairman and cofounder and is a seasoned internet product entrepreneur with over ten years of expertise.

How Are New Alchemy Pay (ACH) Tokens Created & Staked?

Through Alchemy Pay's services, ecosystem partners such as crypto-exchanges, e-commerce platforms, payment businesses, and financial institutions purchase and lock up ACH as per their client network size and predicted transaction volume. Staked ACH can be restored right away if the partner's access to the service is revoked, or it can be forfeited in circumstances of unfair or fraudulent behavior. Stakers have access to several tiers of DeFi products and services based on the value and duration of the pledge. Through Alchemy Pay's crypto-linked card, which offers spending rebates, users can benefit from making payments in ACH. 

The total supply of ACH tokens is capped at 10,000,000,000 tokens.