The payment system Alchemy Pay, which makes transactions between fiat and crypto counterparts smooth, just got a major boost. Thanks to a partnership with investment firm DWF Labs, Alchemy Pay has secured $10 million in funding. Now they can keep the good times rolling and simplify crypto payments for everyone!
The payment system facilitates transactions between fiat and cryptocurrency counterparts. It plans to use the funds to expand its product into South Korea, where digital assets are accepted widely. At the time of the deal, Alchemy Pay was valued at $400 million.
Alchemy Pay's payment gateway is expected to help Korean businesses establish themselves internationally. In addition to the main service, the company plans to provide the NFT Checkout service. This allows Alchemy Pay customers to purchase non-fungible tokens in their country's fiat currency.
«Korea offers a robust market base where Alchemy Pay has yet to establish a strong presence, and we aim to establish a solid foothold in the region. The company is currently well-funded, and we accepted the investment for strategic purposes, specifically to aid Alchemy Pay in entering the Korean market and expanding its payment services in the region», — Robert McCracken, the ecosystem lead of Alchemy Pay, noted.
«We are excited to partner with Alchemy Pay as they continue their global expansion journey, particularly in the Korean market. Their innovative payment solutions and commitment to bridging the gap between cryptocurrencies and traditional finance align with our vision for a seamlessly integrated digital economy. We believe this strategic partnership will accelerate Alchemy Pay’s growth in Korea, providing more opportunities for businesses and consumers to embrace the benefits of digital assets and web3 technologies», — DWF Labs representative commented on the collaboration.
Alchemy Pay announced its partnership with Visa in January 2023, sending shockwaves through the financial world. The ACH token's price skyrocketed by 50% within minutes of the announcement. Following this major success, the company announced in February 2023 that it would integrate its product with Google Pay.
Alchemy Pay's payment gateway has been welcomed into the fintech world with open arms, with big names such as MasterCard, Discover, and Diners Club embracing the innovative service. And if that wasn't enough, it also allows for lightning-fast transactions between fiat and crypto for Apple Pay users.
Alchemy Pay was founded in 2018 in Singapore, and the company specializes in combining fiat and cryptocurrency payments for businesses, retailers, developers, and individual users. In addition to this, Alchemy Pay's services are popular in the DeFi sector. By utilizing plug-ins and APIs, Alchemy Pay's services can be integrated into various platforms and decentralized applications, enabling easy and seamless conversion between fiat currencies and cryptocurrencies.
DWF Labs is a Web3 investment company that also functions as a worldwide market maker for digital assets. The company is a subsidiary of Digital Wave Finance, a behemoth trading organization responsible for staggering cryptocurrency transaction volumes. With offices spanning the globe in locations like Singapore, Switzerland, the UAE, Hong Kong, and South Korea, DWF Labs is truly a force to be reckoned with in crypto finance.
