Digital assets have seen great success as investment tools in recent years, but payment adoption is unfortunately still lagging behind. Alchemy Pay is well on its mission to change this by enabling millions of merchants to accept crypto payments and get paid in their local currency. At the same time, Alchemy Pay also opens up investments in the DeFi space to fiat investors.
Pay With Crypto at the Bar or Online With Alchemy Pay
Alchemy Pay is a hybrid fiat and digital currency gateway solution for businesses and investors. It already operates in 18 countries and regions around the world and has touchpoints with more than 2 million merchants through partnerships with industry giants such as Shopify, Arcadier, QFPay, Binance and more.
By enabling businesses to accept crypto clients and get paid in local fiat currency Alchemy Pay solves a major problem for the crypto economy. Crypto payments adoption is vital for the long term and sustainable growth for the industry, but traditional businesses have faced difficulties accepting cryptocurrencies. This can be due to a lack of technical skills, regulatory concerns or just not wanting to deal with price volatility. Alchemy Pay simply removes all of these issues. It also helps make it easier for businesses to accept crypto as they only need to use the same one system for fiat payments (only one payment terminal for offline transactions, and only one API/Plugin to integrate for online payments).
From a crypto user’s perspective, this means that thanks to Alchemy Pay you could be spending your crypto to pay for a taxi, in an online store or at the local mall and even a high class bar.
Now you can enjoy a cocktail Singapore's iconic skybar atop Marina Bay Sands and pay with $DAO.
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— Alchemy Pay (@AlchemyPay) March 30, 2021
Alchemy Pay Opens up DeFi Space to Fiat Investors
Another way Alchemy Pay is bridging the gap between the old and new economies is opening up the DeFi (decentralized finance) space to fiat investors. Alchemy achieves this by letting investors directly use fiat to gain access to blockchain services.
Instead of paying with digital utility tokens, Alchemy Pay – in the background – seamlessly facilitates the exchange of fiat into utility tokens to access DeFi services. And by partnering with a traditional financial institution, Alchemy Pay enables DeFi platforms to offer their investors access to significantly higher returns available only in the crypto lending/staking space right now.
The DeFi world has been growing like crazy recently, but it is still limited to the relatively small number of investors in the cryptosphere, compared with those in the larger global fiat economy. This solution from Alchemy Pay can thus significantly accelerates it even further.
Demonstrating the popularity of the service, ACH – the token that powers Alchemy Pay, was just added to Coinbase Pro earlier this month.
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