Alchemy Pay Secures $10 Million Funding For Korean Market Entry
Alchemy Pay, a Singapore-based crypto payment gateway, has raised $10 million in its latest funding round with DWF Labs, a multi-stage web3 investment firm. The funding round was completed at a valuation of $400 million and will enable Alchemy Pay to expand its operations into the Korean market.
Alchemy has raised $10 million in its latest funding round with DWF Labs, at a valuation of $400 million. The amount will enable the expansion of Alchemy Pay into the Korean markethttps://t.co/smake1EQ5Y
— crypto.news (@itscrypto_news) April 3, 2023
Crypto-Fiat Payment Solutions
Alchemy Pay’s payment solutions bridge the gap between crypto and fiat currencies for businesses, developers, and regular users. The platform supports over 300 payment channels, including traditional credit cards and mobile wallets. Since its launch in Singapore in 2018, Alchemy Pay has forged strategic partnerships with various heavy hitters in the space, including Visa and Mastercard.
Robert McCracken, the ecosystem lead of Alchemy Pay, expressed his excitement about the funding round, saying, “By utilizing our payment solutions, more Korean companies can close the division between crypto and conventional fiat currencies to keep pace with global economies.”
DWF Labs’ Funding
As the global banking crisis continues to make traditional banks wary of crypto, Alchemy Pay’s crypto-fiat on/off ramping solutions are expected to gain significant traction in the web3 space. The funding from DWF Labs will enable Alchemy Pay to expand its payments business in the crypto-friendly region of Korea.
The price of the Alchemy Pay native ACH token is up by 7.6% on the day. It’s changing hands for $0.037, with a 24-hour trading volume of $69 million. The increase in token price suggests that investors are optimistic about Alchemy Pay’s growth prospects.
Alchemy Pay’s latest funding round is a testament to the platform’s potential in the payments space. As the world continues to move towards a more digital economy, platforms like Alchemy Pay will play a critical role in bridging the gap between traditional and digital payment methods. With its expansion into the Korean market, Alchemy Pay is poised for continued growth and success in the coming years.
