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 […]
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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.
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Singapore Unveils Plan to Ensure Seamless Financial Transactions Across Digital Asset Networks
The Monetary Authority of Singapore’s managing director has outlined the central bank’s plan to ensure seamless financial transactions across digital asset networks. “Currently, there is a proliferation of digital asset networks,” the head of Singapore’s central bank said. “We cannot wish these dynamics away and force consolidation of all financial transactions onto a single network. It is more feasible to work towards making these diverse networks interoperable.”
Singapore’s Central Bank Discusses Digital Asset Plans
Ravi Menon, the managing director of Singapore’s central bank, the Monetary Authority of Singapore (MAS), discussed digital assets at Singapore Fintech Festival last week.
“Digital assets have two critical features that can fundamentally transform the nature of financial transactions,” he began. The first is tokenization allows financial assets to be exchanged without intermediaries, which “eliminates settlement risk, duplicative reconciliation, and the need for large funding accounts,” he highlighted. The second is tokenization enables “the fractionalization of assets,” making partial collateralization of assets possible.
The head of Singapore’s central bank continued:
To fully realize seamless financial transactions across digital asset networks, we must ensure they are interoperable.
“Currently, there is a proliferation of digital asset networks, due to different commercial motivations or legal and regulatory requirements,” he described, emphasizing: “We cannot wish these dynamics away and force consolidation of all financial transactions onto a single network. It is more feasible to work towards making these diverse networks interoperable.”
Menon then provided details on the central bank’s strategy to build the new financial architecture via Project Guardian. He explained, “MAS and industry partners are tokenizing different asset classes with specific desired outcomes.” Additionally, he mentioned that the International Monetary Fund (IMF) is joining the Project Guardian policymaker group. The MAS established this policymaker group in October in partnership with Japan’s Financial Services Agency (FSA), the Swiss Financial Market Supervisory Authority (FINMA), and the United Kingdom’s Financial Conduct Authority (FCA).
The central banker also discussed digital money. He explained that privately issued cryptocurrencies, central bank digital currencies (CBDCs), tokenized bank liabilities, and well-regulated stablecoins are “four contenders for digital money.” Noting that many crypto investors have “suffered significant losses,” he opined:
Cryptocurrencies have failed the test of digital money. They have performed poorly as a medium of exchange or store of value. Their prices are subject to sharp speculative swings.
“Wholesale CBDCs and tokenized bank liabilities can play the role of digital money and help to achieve atomic settlement,” stated Menon. Noting that well-regulated stablecoins can also “play a useful role as digital money,” he said the monetary authority has granted in-principle approval under the Payment Services Act to three stablecoin issuers: Straitsx SGD Issuance, Straitsx USD Issuance, and Paxos Digital Singapore.
What do you think about the statements by MAS Managing Director Ravi Menon and the central bank’s digital asset approach? Let us know in the comments section below.
Financial Industry Professionals Agree That Future of DeFi Requires Cross-Chain Interoperability and Seamless Liquidity Transfer Services
The decentralized finance (DeFi) ecosystem has grown exponentially during the past few years. Beginning with the launch of Ethereum (ETH) in mid-2015, application developers across the globe began to write smart contracts to support a wide range of decentralized applications (dApps). A few years later, other platforms such as EOS and TRON launched their mainnets during mid-2018.
Before their launch, the historic bull market of 2017 brought a lot of attention to the space, which was mostly a niche market. At that time, the market saw Bitcoin surge from around ,000 in January to nearly ,000 by December 2017 and the Ethereum (ETH) price skyrocketed from just to briefly over ,400. Although there was a very strong correction afterwards, many more individuals and organizations became aware of the potential of crypto.
As more users attempted to transact across blockchain networks, it became clear that distributed ledger technology (DLT) networks were just not able to settle transactions as quickly as high-performing networks like Visa (NYSE: V) or Mastercard (NYSE: MA). Although blockchain platforms are fundamentally different from more traditional payment processing networks, both need to offer a seamless user experience.
Visa Executive Identifies Requirement for Digital Currency Interoperability
That’s why the crypto and blockchain space is witnessing many new projects emerge that can address scalability requirements. In addition to being able to handle a large number of transactions, blockchain networks also need to be interoperable with each other. This means that if a user is transacting with a set of tokens on one DLT network, then they should also be able to engage in asset transfers with other DLT platforms in a seamless manner.
Catherine Gu, Global CBDC (Central Bank Digital Currency) Product Lead, Visa, recently noted that as the number of virtual currency networks continues to rise — each with “unique design characteristics” — the likelihood that individual consumers, businesses, and merchants are performing transactions on a single network and utilizing the same type of money (or digital tokens) decreases.
Gu added that the team at payments giant Visa believes that for digital currencies and token economies to be successful, they must provide an excellent consumer experience as well as “widespread merchant acceptance.”
This means that we need to have the ability to make and receive payments, “regardless of currency, channel, or form factor.” That’s why Visa decided to develop their own universal payment channel. While Visa may be focused mainly on payments, this clearly shows that interoperability between different networks, including blockchains, will be essential.
Creating Decentralized Standard for Cross-Chain Interoperability, Liquidity Transfers
That’s why projects such as deBridge have secured millions of dollars in funding, so that they can work towards establishing a decentralized standard for cross-chain interoperability. The developers of deBrige aim to enhance cross-chain functionality by allowing different DLT networks to seamlessly exchange assets and information between each other.
The deBridge development team aims to provide the critical digital infrastructure that would allow large blockchains such as Binance Smart Chain (BSC) and Ethereum (ETH) to interact with each other. While DeFi may be a key part of the digital economy of the future, it will require the support of cross-chain interoperability protocols to achieve its goal of mainstream adoption.
deBridge’s .5 million investment round, which was finalized in early September 2021, included participation from ParaFi, Animoca Brands, Huobi Ventures, Lemniscap, Crypto.com Capital, Fundamental Labs, bitScale, and many other investors. Notably, deBridge started during the Chainlink Spring 2021 Hackathon event, where the team received the grand prize while competing against 140 high-potential projects.
The modern consumer demands more accessible and diverse financial services. These requirements have made it critical to establish the appropriate infrastructure to enable interoperability between different blockchains and financial ecosystems.
OKEx Integrates with Polygon for Seamless, Inexpensive Transfer of ETH-based Tokens
OKEx, the leading global crypto exchange and derivatives trading platform has taken a huge step in making it easier for its users to trade Ethereum based assets by integrating with one of the fastest-growing Ethereum Layer-2 scaling solutions. With the latest development, OKEx has become one of the first exchanges to integrate with Polygon which will enable a quicker and more cost-efficient experience while conducting transactions between the platform and Polygon PoS Network.
The inclusion of support for the Polygon full-stack scaling solution is a huge upgrade as it eliminates the otherwise unnecessary and costly steps that involved users transferring ERC20 tokens from the platform to a layer-1 wallet before migrating them to Polygon PoS Network. By getting rid of the intermediary step, OKEx is in a position to encourage more users to adopt Ethereum based dApps and DeFi solutions, and vice versa.
In a statement marking the evolution of OKEx, CEO Jay Hao said, “Users have always been a priority to us. OKEx is more than a trading platform; we are a trading partner who strives to make the crypto journey as easy and as cost-efficient as possible. As Layer-2 technology, especially a few big names in the market, matures and becomes a solution to the congestion on Ethereum, we are happy to be one of the first major crypto exchanges to take up this innovation and bring Polygon’s solution to our users.”
Voicing a similar sentiment while pointing out the benefit of integration with OKEx, the co-founder of Polygon Sandeep Nailwal said, “We’re thrilled to see the integration with Polygon for direct withdrawals on OKEx, one of the biggest global exchanges. This will make it easier and more seamless for new users getting into the Polygon and Ethereum ecosystem.”
The demand for Layer-2 solutions on Ethereum has gone up in recent months owing to issues related to network congestion and increased gas costs. The situation has increased the transaction settlement times while making microtransactions virtually unsustainable on the Ethereum ecosystem. When ETH was at its all-time high, the ridiculously high gas costs made people think twice before executing any transaction. Polygon, along with few other L2 projects has presented a viable solution that could address these issues.
Further sweetening the deal, OKEx has announced a complete waiver of withdrawal fees for users directly transferring funds from the platform to Polygon PoS Network.
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