The official resource for ERC-6900, www.erc6900.io, has been launched, co-authored by the Ethereum Foundation, Alchemy, Circle, and Quantstamp. The website is a comprehensive guide to ERC-6900, a groundbreaking proposal that standardizes interfaces for composable smart accounts. The core idea behind ERC-6900 is to foster permissionless innovation by making it easier for developers to build secure, […]
Bitcoin News
Blockchain for Good Alliance (BGA) Unites Web3 for Societal Impact, Launching at Blockchain Life Dubai With Bybit Web3, Harvard Blockchain Club, Solana Foundation, Moledao, Aptos, ICP.Hub UAE, Alchemy Pay as Key Partners
PRESS RELEASE. Dubai, 15 April 2024 – The Blockchain for Good Alliance (BGA) officially announces its launch today, marking a significant step forward in the mission to leverage blockchain technology for social good. BGA has partnered with leading entities in the blockchain space including Bybit Web3, Solana Foundation, Aptos, Moledao, Harvard Blockchain Club, ICP.Hub UAE, […]
Bitcoin News
Alchemy Pay and Polyhedra Network Announce Upcoming Collaboration for Seamless Ramp Solution
PRESS RELEASE. Alchemy Pay has announced that it has entered into a partnership with Polyhedra Network, a Web3 ZK infrastructure provider that aims to revolutionize interoperability and scalability through Zero-knowledge (ZK) proof technology. Through this collaboration, Alchemy Pay will integrate Polyhedra Network’s ZK infrastructure to improve the interoperability, security, and user experience of its global […]
Bitcoin News
Alchemy Pay Gains Approval with New Hampshire Money Transmitter License in the USA
Alchemy Pay, the leading fiat-crypto payment gateway, proudly announced another successful Money Transmitter License (MTL) acquisition in the USA, the state of New Hampshire, adding to its existing licenses in Arkansas and Iowa. Alchemy Pay is actively pursuing MTL licenses in additional U.S. jurisdictions as part of its efforts to expand its crypto payment services, […]
Bitcoin News
Alchemy Pay Deploys on Bitcoin.com as Global On-Ramp Provider
PRESS RELEASE. Alchemy Pay has launched its fiat-crypto on-ramp payment services on Bitcoin.com’s web portal. Alchemy Pay’s direct-to-customer plugin, which can be easily integrated and deployed by web3 apps and platforms, supports the purchase of a wide range of cryptocurrencies, including Bitcoin.com’s rewards and utility token VERSE. The new local payment methods offered by Alchemy Pay will contribute to the expansion of Bitcoin.com’s reach.
“At Bitcoin.com, we’re always at the forefront of user-centric solutions,” said Bitcoin.com CEO Dennis Jarvis. “Alchemy Pay’s integration brings a seamless fiat-crypto transition with an expanded range of local payment options – something that is especially crucial for our users in Asia and LATAM. As the 2024 Bitcoin halving nears, this partnership underscores our commitment to remain ahead of the curve, always prioritising our community’s needs.”
Alchemy Pay: Global Fiat-Crypto Services
Alchemy Pay’s payment gateway enables payments using Visa, Mastercard, Discover, and Diners Club across 173 countries, along with domestic transfers and mobile wallets in developing markets. Its user-friendly KYC process, low fees, and exceptional conversion rates make buying and selling cryptocurrencies with local currencies as convenient as any typical online payment. Alchemy Pay’s extensive network features over 300 fiat payment channels, allowing its checkouts to go beyond card payments and tap into local mobile wallet options.
Founded in Singapore in 2017, Alchemy Pay solutions include its On & Off-Ramp solution, NFT Checkout, and white label Crypto Cards for platforms.
“Bitcoin.com is a giant in the industry,” said Robert McCracken, Ecosystem Lead at Alchemy Pay, adding, “We are excited to continue working together towards making cryptocurrency more accessible globally.”
Try Now
Try our On & Off-Ramp on the web or in the app to buy and sell crypto and local fiat currencies today.
Bitcoin.com: A Global Leader
Since 2015, Bitcoin.com has been a global leader in introducing newcomers to crypto, making it easy for anyone to buy, spend, trade, invest, earn, and stay up-to-date on cryptocurrency and the future of finance. Bitcoin.com’s multichain digital wallet app is used by millions to buy, sell, trade, earn, use, and learn about Bitcoin and other cryptocurrencies. Every feature needed for economic freedom in one self-custodial digital wallet.
About VERSE
Launched in December 2022, VERSE is Bitcoin.com’s rewards and utility token. The VERSE token’s utility will include unlocking rewards along tiers, method of payment in the Bitcoin.com ecosystem and beyond, access to exclusive platform services, and more. On Bitcoin.com’s decentralized exchange Verse DEX, anyone in the world can permissionlessly swap cryptocurrencies without having to rely on third-party custodians. Verse DEX users can also earn yield by providing liquidity, by depositing liquidity pool (LP) tokens into Verse Farms, and by staking VERSE tokens.
Alchemy Pay On & Off-Ramp Enquiries
Developers of Web3 platforms, and dApps with interest in integrating Alchemy Pay’s ramp solution can contact via the website https://alchemypay.org/contact
Follow Alchemy Pay
Website Twitter LinkedIn Medium YouTube Telegram Discord
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Crypto Payment Provider Alchemy Partners Payment Processor Worldpay
The fiat-crypto payment gateway Alchemy Pay recently revealed that it has partnered with Worldpay in a move that gives its users to access Worldpay’s Visa and Mastercard payment rails via its on and off-ramp service. Alchemy said its users will now experience better efficiency and customer experience when using their respective credit and debit cards to trade cryptocurrencies.
Worldpay to Support Alchemy’s NFT Checkout
Alchemy Pay, the fiat-crypto payment gateway, has joined forces with the payments processing firm Worldpay “to amplify its payment channels and elevate its payment capabilities.” According to Alchemy, this partnership allows its users to access Worldpay’s Visa and Mastercard payment rails via its on and off-ramp service.
In a statement released on Dec. 19, Alchemy said its customers should now expect better efficiency and customer experience when using their respective credit and debit cards to trade cryptocurrencies. Worldpay also plans to support Alchemy Pay’s non-fungible token (NFT) checkout thus making these tokens more accessible.
Before making the latest announcement, Alchemy revealed in late November that it had been issued with the Money Services Licence by the U.S. State of Iowa which effectively placed it in the same league as established payment providers. It has also been approved in Lithuania, Indonesia and Canada and there are plans to get licenses in the U.K. and Hong Kong.
Commenting on his company’s partnership with Worldpay, Robert McCracken, the Ecosystem Lead at Alchemy Pay, said:
Utilizing Worldpay’s extensive global reach, Alchemy Pay is now better positioned to assist our business partners and users in seamless cryptocurrency transactions worldwide, providing enhanced payment experiences and more favorable fee structures.
McCracken added that he is hopeful the collaboration will help make digital assets more widely available.
For his part, Nabil Manji, the Head of Crypto and Web3 at Worldpay, said Alchemy’s goal of fiat to the Web3 economy fits well with “Worldpay’s role in bridging the gap between traditional and digital finance.”
What are your thoughts on this story? Let us know what you think in the comments section below.
Trust Wallet and Alchemy Pay Partner for Seamless Crypto Ramp Solutions
PRESS RELEASE. Alchemy Pay, the leading fiat-crypto payment solution provider, has announced a new partnership with Trust Wallet, the leading self-custody and mutichain wallet with over 70 million users, enabling users to easily buy and sell crypto with multiple fiat payments within Trust Wallet directly.
The integration allows users to have more on and off-ramps solutions, which accelerate web3 adoption by lowering the entry barrier for retail users. Trust Wallet users now are able to easily convert between crypto and fiat by using various international and local payment methods, with more than 30 fiat currencies and 10 million cryptocurrencies across over 100 blockchains supported.
“Alchemy Pay takes great pride in our partnership with Trust Wallet, one of the leading crypto wallets, to provide comprehensive on and off-ramp support to a global user community. Our unwavering commitment is to facilitate a smooth, compliant, and secure user onboarding process on fiat on-ramp and crypto off-ramp.” said Robert McCracken, the Ecosystem Lead at Alchemy Pay.
Trust Wallet Product Lead Nate Zou stated: “We’re excited to offer more fiat solutions for our users by working with Alchemy Pay, making crypto more accessible than ever. This opens up new buying options for our global user base and introduces lower fees and more convenient payment methods while maintaining full ownership of their assets.”
Alchemy Pay specializes in providing solutions that enable cryptocurrency and Web3 services to access fiat payment options, thus enhancing their accessibility for a broader audience. Leveraging its extensive network of global acquirers and remittance enterprises, Alchemy Pay currently supports an impressive coverage of more than 300 fiat payment channels spanning across 173 countries.
Alchemy Pay’s primary focus and advantageous areas lie in emerging markets such as Southeast Asia and Latin America. Notably, it has successfully integrated with widely-used local e-wallets like GCash (with 60 million users) and Maya (50 million users) in the Philippines, OVO (92 million users) and Dana (115 million users) in Indonesia, Touch ‘n Go in Malaysia (17.8 million users), Pix in Brazil (116 million users), and others.
In its pursuit of broadening its service portfolio, enhancing transaction success rates, and optimizing operational efficiency, Alchemy Pay actively pursues licenses in various countries and regions including the United States, Canada, Indonesia, and Lithuania. Over the past three months, Alchemy Pay has been on a winning streak by securing Money Transmitter Licenses in both Arkansas and Iowa to prove its ability. Additionally, it has forthcoming plans to achieve regulatory compliance in Hong Kong, the UK, and the US. Currently, Alchemy Pay is also the official payment service provider for Visa and Mastercard, ensuring secure and compliant processes for both onramping and offramping transactions.
About Alchemy Pay
Founded in Singapore in 2017, Alchemy Pay is a payment gateway that seamlessly connects crypto with traditional fiat currencies for businesses, developers, and end users. With its On & Off-Ramp solution, NFT Checkout, Crypto Card and Crypto Payments, Alchemy Pay supports payments in 173 countries.
The Ramp is a one-stop solution to buy and sell crypto and fiat, easily integrated by platforms and dApps according to requirements. The NFT Checkout enables direct purchases of NFTs using fiat payment methods. The Crypto Card solution empowers businesses and token issuers to provide users with branded virtual and physical cards for instant global spending. ACH is the Alchemy Pay network token on the Ethereum blockchain.
Website Twitter LinkedIn Medium YouTube Telegram Discord
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Crypto Payment Provider Alchemy Pay Secures Iowa Money Services License
The Singapore-based payment gateway Alchemy Pay has been granted the money services license by the U.S. state of Iowa. Both this license and the money transmitter license obtained from Arkansas nearly two months earlier underline Alchemy’s “dedication to compliance.”
Alchemy Now in the Same League as Established Payment Providers
Alchemy Pay, a crypto on-ramp and payment gateway, recently said it has been granted the money services license by the U.S. state of Iowa’s banking division. In a statement, the Singapore-based payment gateway said it secured the Iowa license just a few months after obtaining the money transmitter license (MTL) in the state of Arkansas.
According to the gateway’s Nov. 23 statement, obtaining both licenses puts Alchemy in the same league with key players in the U.S. crypto market such as Coinbase, X (formerly Twitter), and Moonpay. Robert McCracken, the ecosystem lead at Alchemy, said the license acquisitions demonstrate his firm’s desire to remain compliant whilst improving user experience.
“The acquisition of our second Money Services License in the United States underlines Alchemy Pay’s global payment capabilities and our dedication to compliance. We continue to obtain licenses in countries and regions around the globe, improving our user’s experience, and strengthening our network coverage,” McCracken said.
In addition to the two licenses, the payment provider said it has completed the application process for MTL licenses in more states with outcomes expected to come in the next few months.
Besides the United States, Alchemy has scored similar license successes in Lithuania, Indonesia, and Canada. Alchemy Pay said it also intends to secure licenses in the United Kingdom and Hong Kong. These licenses not only solidify Alchemy’s standing in the crypto payment sector but also extend its credibility into the traditional payment sector.
What are your thoughts on this story? Let us know what you think in the comments section below.
Alchemy Pay: Exploring the Development and Trends of the Emerging Crypto Payment Industry with High Demand
With traditional commercial institutions like Visa, Mastercard, Tesla, BNY Mellon, BlackRock, Gucci and countries such as El Salvador, Central African Republic constantly expanding in the cryptocurrency field, more and more investors are starting to look at cryptocurrency with new eyes. In 2022 alone, the number of cryptocurrency users has reached 320 million, identifying a huge potential user base.
Cryptocurrency is an asset that operates on a blockchain, which has the characteristics of decentralization, peer-to-peer, transparency, and irreversibility. Therefore, cryptocurrency is also highly expected to be applied in the payment field. According to Coinbase’s cryptocurrency research report in 2021, as of June 2021, the number of merchants supporting cryptocurrency payments has reached 20 million. In addition, according to Visa’s data, in the first quarter of 2022, Visa’s payment network processed .5 billion worth of cryptocurrency transactions, up from billion in the first quarter of 2021. It is easy to tell that crypto payments are becoming a new trend with great demand.
Advantages of Crypto Payment and Market Demand
Compared with traditional payment methods, crypto payment has considerable advantages:
- Transactions conducted on-chain in a decentralized, peer-to-peer manner, enabling international transfers and payments.
- Involving fewer intermediaries and achieving faster settlement speeds (confirmed within a few minutes).
- Lower costs (compared to traditional credit cards’ fees of 1.5% to 3.5%, crypto payment fees are about 1%).
In addition to cryptocurrency investors and payment consumers, residents of areas with severe fiat inflation, such as Southeast Asia, Latin America, and Africa, also have a strong interest in holding cryptocurrency to resist inflation.
In fact, from the perspective of the cryptocurrency industry, crypto payments usually include two parts: cryptocurrency consumption payments (using cryptocurrency to purchase goods and services, and cross-border transfers are all included), and the other part is the exchange of cryptocurrency and fiat currency, which provides underlying support for the former and is also a potential new demand for various crypto payment roles.
Individual user demand:
- Cryptocurrency investors usually need to use fiat currency to buy/sell cryptocurrency to expand investment or exit for cash.
- Cryptocurrency consumers usually regard cryptocurrency as a “value transfer tool” and usually exchange cryptocurrency for fiat currency upon reaching their goals.
- Users in high inflation areas like Southeast Asia, Latin America, Africa, etc. do not want to invest or pay for consumption but simply resist inflation (this part of the area is also a potential market for crypto payment business).
Market pain points:
There are high barriers to accessing cryptocurrencies, including complex processes, high fees, and potential risks of being included in money laundering. At the same time, some specific regions’ users can hardly obtain such services, such as CEX (centralized exchange) platforms, which are the main hub for buying/selling cryptocurrencies, do not serve users in some specific regions.
Enterprise user demand:
- Crypto payments are expected to avoid payment fraud, such as the situations that fraudsters buy goods and then refuse to return them and apply for refunds.
- Further expand the consumer base through cryptocurrency, attracting more cryptocurrency enthusiasts and investors to become their users.
- Explore more business models to obtain additional derivative income.
Market pain points:
- Self-built crypto payment interfaces may lead to asset security problems due to inherent crypto technical issues (e.g. private key leakage, etc.).
- It is difficult to track consumer/customer data, including settlement and clearing.
- The payment portal lacks fiat/cryptocurrency exchange channels, and the users for crypto payments are usually cryptocurrency investors.
- Directly building interfaces has certain compliance issues.
- Profits from cryptocurrency in some regions may generate potential capital gains tax.
- Third-party payment institutions such as Visa, Mastercard and Paypal can meet enterprises’ business needs for cryptocurrency payment and settlement, further ensuring compliance and security, but the service fee is high and lacks flexibility. For example, each third-party payment system usually has geographical restrictions and cannot meet the needs of all payers.
Crypto Gateway Products Shine in the Payment Field
Therefore, from the overall perspective of the crypto payment field, there is a new demand for both individual and enterprise users, and from the perspective of business development, individual and enterprise users are usually bound at both ends of crypto payment. Therefore, a crypto payment infrastructure can better provide related services to these two types of users, and can better promote the overall development of this field, rather than focusing on one type of user and lack of support for another type of user.
Here we can give an example. Suppose we want to purchase USDT and have three needs: paying for an online service, transferring money to overseas friends, and investing in DeFi. One approach is to go to CEX platforms such as Binance and Coinbase and purchase some USDT through OTC (over-the-counter) services, which are usually P2P matching trading services provided by CEX platforms for fiat and cryptocurrency. Then, withdraw USDT from the trading platform to different addresses to complete payments and transfers to the target address.
If cross-border remittances and payments are high-frequency behaviors of the user (such as businesses and enterprises), this means that every transaction requires confirmation from OTC merchants, fiat currency payments, and withdrawal reviews from CEX platforms, and each step requires a transaction fee.
Currently, although OTC services dominated by CEX still account for the majority of the market, the industry has also seen some crypto gateway products, which can achieve more convenient and low-threshold fiat-to-cryptocurrency exchanges through a “cross-gateway” approach.
Crypto gateway protocols integrate the liquidity of fiat currency deposits and withdrawals from CEX, market makers, and other underlying sources. The deposit side integrates most third-party payment channels (PayPal, Visa, etc.) as entrances, and the withdrawal side supports fiat currencies in most countries worldwide, thus enabling one-stop trading.
Currently, crypto gateway payment protocols that have these functions include Alchemy Pay, MoonPay, Banxa, Ramp.Network, etc., but there are some differences in the breadth of payment methods and regional support, as well as the functions that can be realized.
Challenges and Hurdles in Operating a Crypto Payment Business
As mentioned above, crypto gateway products have solved some of the pain points and demand for both individual and enterprise users, and as cryptocurrencies are adopted in more scenarios, crypto payments are taking a rising market share in the payments track. However, from the nature of the crypto payment business itself, the payment products take the role of infrastructure and the industry hurdle is extremely high, making them difficult to implement. The team not only needs to have extensive experience in the payment industry to expand localized payment channels, but also needs to spend a lot of time and effort to deal with security compliance issues with varying standards in different places.
Firstly, the variations in financial development, mobile phone adoption, network availability, and electronic payment usage across different countries and regions result in significant disparities in the payment market. In this case, crypto gateways not only need to process payments on a global scale, but also need to be tailored to the specific local conditions. It is a test of the team’s ability to demonstrate proficiency in local operations while supporting global payment channels.
In addition, security and adherence to regulations are of utmost importance for payment products, as safeguarding users’ funds takes precedence. Despite some countries permitting cryptocurrency investments and transactions, the industry faces stringent regulatory requirements. Acquiring the necessary licenses for payment and financial services in various countries and regions is an expensive, intricate, and non-repetitive process. Moreover, the lengthy approval cycles pose a significant challenge for companies operating in the crypto payment business. Currently, less than 1% of web3 companies in the crypto payments sector hold the required licenses.
Furthermore, the crypto payment business necessitates the gateway to hold a certain amount of funds. Converting fiat and cryptocurrency funds into and out of the gateway entails a specific time delay, leading to the depositing of both fiat and cryptocurrency funds. To provide users with a seamless real-time payment experience, crypto payment gateways assume the responsibility of facilitating fiat and cryptocurrency fund advances. Without a sufficient flow of funds, maintaining the smooth operation of the payment system becomes challenging for crypto payment gateways.
In addition, technologies such as anti-fraud solutions, KYC and anti-money laundering verification are also important aspects of securing payments, and crypto payment gateways need to be fully integrated with these technologies to help improve security levels. For example, MoonPay, a leading crypto payment gateway, uses Sardine Systems to build the gateway’s security and anti-fraud foundation, and Alchemy Pay uses Forter, an e-commerce trust platform, to provide customers and users with higher payment approval rates and chargeback guarantees with the help of artificial intelligence. Another platform it works with, Sumsub, is a cutting-edge solution for user verification in the digital payments industry, which aims to provide multiple layers of protection for payments against all types of document fraud.
At present, Alchemy Pay’s Ramp product, which was introduced in June last year, has integrated and supported more than 300 payment channels. This achievement positions it as the crypto payment industry’s leader in terms of payment channel coverage, making it a highly representative and influential use case.
The company has a background as a conventional payments firm that boasts a decade-long track record. The core team members possess extensive experience, with most of them having over 10 years of expertise in various aspects of payment-related domains. Established in 2017 and headquartered in Singapore, this company has spent six years accumulating knowledge and building up its operation barrier, resulting in the establishment of a strong foothold as a crypto payment gateway. Generally speaking, it faces a wide range of roles, including consumers, merchants/enterprises, and developer users, and has a cryptocurrency-fiat mixed payment solution.
Alchemy Pay is frequently mentioned in many research articles on the crypto payment field. We will introduce Alchemy Pay Ramp in the following part to provide readers with a better understanding of the current development status of the crypto gateway field and the crypto payment industry.
What Services Can We Get Through Crypto Gateway Products?
The crypto gateway is not a new concept. Ripple, established in 2012, laid the early foundation for the development of this track. However, its cross-gateway solution could no longer meet the needs of the current market. Alchemy Pay platform has been involved in crypto gateway business since 2018, focusing on the exchange of fiat and cryptocurrency, and has established an independent deposit and withdrawal system. Other platforms that do the same business include MoonPay, established in 2019, and Ramp.Network, established in 2019 (mainly an entrance gateway).
Although OTC based on CEX is still the preferred choice for many users, we have seen that the market share of gateway products has been gradually increasing since 2018, especially as more and more users are starting to try out these crypto gateway services after many CEXs have experienced trust issues (such as FTX last year), and many users have good experiences and positive feedback.
On & Off Ramp Service
From the perspective of individual users, Alchemy Pay Ramp can be used for convenient deposits and withdrawals, where on-ramp is its main entrance for deposits, integrating Mastercard, Visa, Discover and Diners Club (credit cards, debit cards, etc.) from 173 countries, as well as SEPA wallets in the European Union and the United Kingdom, GCash in the Philippines, OVO and Dana in Indonesia, MoMo in Vietnam, PayNow in Singapore, Pix in Brazil, and some local payment providers in Peru, Chile, and Colombia.
In addition to the above-mentioned payment channels, ApplePay and Google Pay have also recently become its payment channels and can support most mainstream fiat payments (including non-US users using USD payment). It is worth mentioning that Visa has also listed Alchemy Pay as an ISO merchant (ISO-M), so the authority of Alchemy Pay in the crypto payment track is increasing, and the user group that its ramp product faces is extremely broad.
The off-ramp function supports users to exchange cryptocurrencies for more than 50 local legal currencies in over 50 countries, including USD, EUR, JPY, GBP, INR, PHP, and THB, through the above payment channels.
The highlight of Alchemy Pay Ramp is its convenience and efficiency. Its product logic is similar to that of Web2 products, and we only need three basic steps to complete deposits and withdrawals. For example, with on-ramp, the user selects the type of fiat currency to be paid and the cryptocurrency to be purchased, fills in the receiving address and selects the payment methods to complete the purchase, while with off-ramp the process is similar. Individual users can enjoy convenient and efficient withdrawals and deposits by completing a simple KYC process, and Alchemy Pay has compliance filters in place for its integrated payment channel providers.
Most gateway products currently only support custodial accounts and require platform approval to withdraw funds. Alchemy Pay Ramp supports users with a non-custodial address, which is better in terms of cost of use, efficiency and the product itself is closer to Web3. In terms of crypto purchase access, crypto gateway products have an excellent advantage in how it works and it is sure to be the main narrative of the payment field for a long time.
Crypto Payment Solutions for Enterprise Users
Aside from individual users, Alchemy Pay also provides the best support for enterprise/merchant users. These business users can directly add Alchemy Pay to their payment/receiving list using the plugins or APIs provided by Alchemy Pay Ramp, and directly use on-ramp and off-ramp to provide payment/exchange services for their users. By integrating Alchemy Pay Ramp, business users can further guarantee security, compliance, and efficiency, and reduce the potential costs of crypto payments without the need for third-party settlement and clearing institutions. Of course, this approach also reduces development costs, as adding a payment interface is extremely complex and risky from a payment perspective.
Currently, Alchemy Pay Ramp is also providing services for Web3 applications (DeFi, GameFi, SocialFi, NFTFi, etc.), supporting the direct purchase of Web3 services via local fiat currency. For example, its NFT Checkout, which is currently launched, can provide faster access to NFT for sale on NFT-related platforms and makes it easier for users to purchase NFT. Its partners currently include LooksRare, Vega, etc. In addition, Alchemy Pay has also established partnerships with networks such as Polygon, Avalanche, Algorand, and Arbitrum, and these ecological applications and developers are expected to receive support from Alchemy Pay Ramp.
Safeguarding Funds Through Compliance
Crypto gateway products usually need to obtain compliance support because they become the direct place for the exchange of cryptocurrencies and fiat currencies. Most gateway products currently have made certain breakthroughs in compliance.
For example, Alchemy Pay has a wide layout in some areas with more potential for the development of cryptocurrencies, including Europe, Hong Kong, Singapore, Canada, South Korea, Japan, and holds licenses such as Type 1,4,9 Financial Services License issued by SFC of Hong Kong, Canada and United States MSB license, the license from the Central Bank of Indonesia to operate remittances and fund transfers, and Lithuanian Cryptocurrency Exchange & Wallet License. It also indirectly obtains compliance support through cooperation with some local payment providers in Southeast Asia, Latin America, and other regions. In addition to Alchemy Pay, many other projects that play in the same field, such as MoonPay, Ramp.Network, Banxa, etc., also perform well in compliance.
The promotion of the compliance of crypto gateway products has a great promoting effect on the adoption of cryptocurrencies in payments, especially when it can give high support on the risk control (such as Alchemy Pay achieve high-intensity anti-fraud and risk control through Forter), and the acceptability of cryptocurrencies will be greatly improved.
Crypto Payments Industry Backed by Blue Ocean Market
The crypto payment industry is a blue ocean market space. According to Euromonitor International’s report on the global payment market, the current global payment scale exceeds 175 trillion US dollars, and commercial payment amounts account for a high proportion. Currently, the number of cryptocurrency holders is exponentially increasing every year, approaching 300 million people in the current, and these users are expected to become potential users of crypto payments. Therefore, based on these facts and with the continuous improvement of the crypto payment infrastructure, crypto payments are expected to enter a period of rapid development in the future.
From another perspective, cryptocurrencies are becoming the “lifesaver” for users in high inflation areas, such as Southeast Asia, Africa, and Latin America. These users maintain a high enthusiasm for cryptocurrencies and intend to use cryptocurrencies to reduce financial risks. Overall, these regions are potential markets for crypto payments, and the crypto attempts in El Salvador and the Central African Republic are undoubtedly revolutionary. We have reason to believe that economically underdeveloped regions have stronger demand for cryptocurrencies and greater potential.
Currently, Alchemy Pay has a high penetration rate in these regions, especially in the Latin American and Southeast Asian markets,and offers a more competitive service through access to more localized channels.
In the future, with the further improvement of crypto technology (such as ZK, flow payments, etc.) and the introduction of relevant crypto regulations, crypto payments may become an indispensable and important part of our lives, and will form a deep complementarity with traditional payments.
This is a sponsored post. Learn how to reach our audience here. Read disclaimer below.
Harvard Business Review: Alchemy Pay, Crypto Payment Ecosystem Pioneer
Introduction. When we discuss the future of the digital economy and real life in the next generation of the Internet, we are inevitably talking about Web 3.0. The future is unknown, but we have seen some tech companies already exploring and deepening on their tracks, such as Alchemy Pay, mentioned in this article.
We will analyze the targeted strategies and measures it has taken in the crypto payment space, taking into account the company’s sustainable long-term goals while building a rich crypto payment ecosystem that is prepared for the Web 3.0 vision with its mission of bridging fiat and crypto global economies. These measures are very informative and should be considered by other company leaders.
Once seen by mainstream zeitgeist as a fringe technology destined to die out in society, cryptocurrency is now becoming a target of investment for countless fintech industry leaders since the powerful financial future it portrays. The proliferation of crypto payment platforms and users is driving the entire ecosystem closer to mainstream adoption. As more and more large financial companies enter the crypto payment space, the competition in this field is becoming increasingly fierce. Alchemy Pay, an industry veteran with extensive industry experience and solid product technology, is performing exceptionally well in this track on all fronts.
Founded in Singapore in 2017, the payment gateway that seamlessly connects cryptocurrencies and global fiat currencies for businesses, developers and users has walked a long way. It took less than 5 years to become the number one project with payment concept in the DeFi space and the leading crypto payment solution and technology provider in the Asia Pacific region. Alchemy Pay currently supports payments from 173 countries, including using Visa, Mastercard, Discover, Diners Club, Google Pay, Apple Pay, popular regional mobile wallets, and domestic bank transfers to purchase crypto, providing a fast, secure and convenient solution for over 2 million online and offline merchants with aggregated cryptocurrency and fiat payment technology. In 2021, ACH, Alchemy Pay’s token issued on Ethereum and BNB Chain, listed on Coinbase, the world’s largest compliant trading platform, continued to rise with an initial bottom of .001762 and rose over 13620.8% in the week after listing. How did Alchemy Pay achieve such an impressive performance in such a short period of time?
Layout in Advance to Gain Differentiated and Competitive Advantages
Shawn Shi, co-founder of Alchemy Pay, has a keen eye for capturing industry trends and assessing business potential. He saw the trend in the crypto payment field, found a head start in it, and boldly took the lead. The series of milestone decisions taken by Alchemy Pay are not only unique, but have built differentiated and competitive advantages that have kept it at the forefront of the competition. These milestone decisions are focused on three main areas:
Internationalization. Strategic placement has a direct impact on the survival and growth of a business. While competitors were still working on their local strategies and businesses, Alchemy Pay has recognized the importance of competing on an international strategy and thoughtfully chose a different set of approaches from its competitors. In its second year of establishment, Alchemy Pay incorporated an international strategy into its development plan to create a unique value.
Alchemy Pay was founded at a time when mobile payments were at their best, but the entire payment network was almost monopolized by VISA and Mastercard, which deprived traditional merchants of many options. Therefore, Alchemy Pay decided to create a payment system that would connect the entire network and develop the most adaptable digital currency solution that would seamlessly integrate crypto payments with fiat payments, providing payment services and derivative financial solutions to global merchants and users in the crypto ecosystem.
In this context, Alchemy Pay has been building a global team since its foundation and has established a advisory board management system in line with the company’s needs, implementing the corporate management philosophy of “leaving the professional to the professionals” and working together with experts worldwide from various industries to contribute to the global development of Alchemy Pay. David Plouffe, the former White House Senior Advisor and Obama’s campaign manager, has recently joined the Alchemy Pay team, serving as a committee member of management and advisory board, and as Global Strategic Advisor to support strategy, compliance and government relations.
In addition to the European and American markets, Alchemy Pay also explored and developed the payment market in South East Asia and Latin America based on market demand research, achieving the highest market share in the industry. Alchemy Pay is built as a payment gateway that seamlessly converts the assets of both parties to a transaction, regardless of whether the user is paying in fiat or crypto currency. Its product experience on the user side was simple and smooth, and its professionalism was way ahead of its Asian competitors at the time.
Compliance. While advancing its global market strategy, Alchemy Pay has recognized the importance of localized payments before its competitors. By continuously integrating localized payment methods such as e-wallets, Alchemy Pay is now able to support over 300 localized payment methods to meet the payment habits of local users and make it quicker for users to purchase crypto and Web 3.0 services using fiat currency. In the localization process, any actions involving financial and securities transactions and services are subject to local financial and securities laws and regulations. Although many countries allow cryptocurrency investment and trading, the related industries face stricter regulations.
While competitors try to avoid compliance constraints to reduce costs, Alchemy Pay believes that the only way to be sustainable is to adhere to the bottom line of compliance. With more and more countries introducing laws and regulations on data security protection and raising new requirements for the globalization of payment systems, greater data security and privacy protection is becoming a global trend. Alchemy Pay has been practicing the local compliance requirements in different countries and regions according to the specific situation, actively applying for licenses and landing business.
In addition to regulatory factors, the entry of companies and financial institutions has placed higher demands on cryptocurrency security and compliance, so licensed platforms have a distinct advantage in this regard. To date, less than 1% of web3 companies in the crypto payment industry have a license, but Alchemy Pay already has a large number of compliant licenses and payment channels. Currently, Alchemy Pay has obtained the 1,4,9 financial services license from the Hong Kong Securities and Futures Commission, the license from the Central Bank of Indonesia to operate remittances and fund transfers, the MSB license in the US and Canada, and Lithuanian Cryptocurrency Exchange & Wallet License, while Alchemy Pay is also applying for MSO in Hong Kong, MTL in the US, DPT in Singapore and EMI in the UK. Alchemy Pay is acutely aware of the need to expand the touchpoint to every market in terms of payments, not only to keep an eye on policy trends and changes from regulators, but also to work with local banks. This is a very slow process but is critical to creating a secure and compliant payment experience for users.
Cash flow. As Alchemy Pay moves forward with compliance and license applications in different countries, it has found that the compliance standards in Europe and the US are relatively clear, while in most other countries the laws and regulations are less clear. In such a dynamic and uncertain environment, the development of crypto business is bound to encounter some barriers, from which it is a long-term process to find a path to compliance or to establish partnerships to unify mutual understanding.
At the same time, the whole business operation and ecological construction will also take a lot of time and cost. Because fiat currencies and crypto currencies, which are the products of two financial systems, the conversion process is sometimes delayed, and a deposit of fiat and crypto funds is formed in between. To avoid users waiting, Alchemy Pay will complete the conversion by paying itself–a process that involves the act of advancing different funds. For this reason, Alchemy Pay proposes to prepare the cash flow in advance. This move not only ensures compliance operations and smooth payment systems, but also prepares itself for weathering the bear market smoothly.
Thinking Backwards, Exploring New Needs and Innovations
Co-founder Shawn Shi said the Alchemy Pay team tends to think backwards in its decision-making process, agreeing that it should not limit its thinking to the direction it would normally consider, but rather challenge inertia and look at the needs of marginal users or former non-users. In Alchemy Pay’s view, the needs of this group of people are often ignored as noise and thus become a missed opportunity for companies to advance their business. The rage for cryptocurrencies is bound to push businesses into the next phase of the internet Web 3.0 – an internet ecosystem built on blockchain, crypto wallets, non-homogenous tokens (NFT) and decentralized autonomous organizations (DAO) – and Alchemy Pay is no exception.
But unlike other companies that have entered the Web 3.0 space in full swing, Alchemy Pay felt the need to pause and think about how these technological developments might affect business and how to solve the payment challenges of people who have difficulty using conventional services, design innovative solutions for them and tap into the broader market. As a result, Alchemy Pay decided to go against the trend and go back to Web2 or Web2.5, identifying exactly those unmet needs and choosing financial institution partners that are more Web2-friendly, thus significantly broadening its reach.
Alchemy Pay believes that in order to find out where the customers are, it is necessary to focus on demographic and market trends, as the payment business is determined by user needs. Based on a large user base and user needs, Alchemy Pay has created its unique advantage “easy to use and highly adaptable”, which is compatible with all major forms of payment (POS, APP, Web, etc.) and all major wallets, and is adaptable to all major scenarios of payment solutions ( Apple Pay, Google Pay, national e-mobile wallets, etc.). This means that Alchemy Pay already meets the majority of users’ habits and further breaks the barrier between traditional payment methods and cryptocurrencies.
Alchemy Pay also meets the needs of most offline retail, e-commerce, online entertainment, bulk trading, supply chain finance, cross-border trading and other merchants, and further reduces their cost of use and improves transaction efficiency (traditional methods usually settle on the next day and charge high fees). ACH token is a value hub in its payment ecosystem, and it acts as an intermediate reconciliation token in the consensus protocol of the blockchain payment network, and can also be used to offset fees and receive various priority benefits. In the future, ACH is also expected to be the primary DAO governance pass in Alchemy Pay.
Payments, in fact, were the function of the earliest cryptocurrencies, such as Bitcoin and Litecoin, which all aimed to create a peer-to-peer, decentralized, open, transparent and irreversible payment ecology. In this ecology, users can make peer-to-peer asset transfers, which are simultaneously packaged by nodes and agreed by the whole network, which is considered a successful transaction. Due to this feature, cryptocurrencies have a theoretical potential for payments. Unlike the traditional Internet fiat payment system, which is already well established, the crypto industry and its online payments space is still in its early days due to credibility and infrastructure issues. The emergence of Alchemy Pay has built a bridge between the fiat and crypto payment shafts, on the basis of which cryptocurrencies are beginning to be accepted by traditional financial institutions. Alchemy Pay’s vision is to create a global cryptocurrency payment scenario, connecting fiat and cryptocurrencies globally, and aspires to be the next generation of payment infrastructure. The payment ecosystem and infrastructure it has built is expected to deeply integrate cryptocurrencies with traditional commerce. As the richness of the ecosystem increases and the integrity of the ecosystem matures, Alchemy Pay’s growth in the future is unlimited.
Source: Harvard Business Review
This is a sponsored post. Learn how to reach our audience here. Read disclaimer below.