ACH Alchemy Pay

Use Cases of Alchemy Pay

Alchemy Pay is a payment solution provider that bridges the fiat and crypto global economies. Here are some of its key use cases:

Real-World Payments

• Power Bank Rentals: Users can rent power banks instantly using BNB, showcasing how blockchain technology can enhance daily life.
• Everyday Spending: Alchemy Pay supports versatile payment scenarios for everyday spending, such as dining out and grabbing coffee, at over 100,000 real-world merchants across Southeast Asia.
• Global Merchants: Alchemy Pay enables users to spend their digital assets at over 2 million merchants in more than 70 countries worldwide.

Web3 and Gaming

• Web3 Access: Alchemy Pay provides easy access to Web3 dApps and platforms, allowing users to buy and sell cryptocurrencies seamlessly.
• Gaming Currencies: Alchemy Pay facilitates Binance Pay and on-chain crypto payments for MMO Pixel, a popular secondary market for in-game currencies.
• NFT Purchases: Alchemy Pay enables on-site direct purchases of NFTs using a wide choice of fiat and cryptocurrencies at events like the Venice Biennale.

Fiat-Crypto Integration

• Fiat-Crypto Purchases: Alchemy Pay supports fiat-crypto purchases from 173 countries, using methods such as Visa, Mastercard, regional mobile wallets, and domestic transfers.
• Checkout.com Partnership: Alchemy Pay has partnered with Checkout.com to enable fiat-to-crypto on-ramps, providing easy access to cryptocurrency for everyday users.

Blockchain Ecosystem

• BNB Chain Integration: Alchemy Pay has integrated with BNB Chain, enabling users to utilize BNB for real-world transactions.
• Blockchain Network Partnerships: Alchemy Pay has integrated its payment rails and on-ramps with leading blockchain networks like Polygon, Avalanche, NEAR, Algorand, and VeChain.

Pros of Alchemy Pay

• Global Coverage: Alchemy Pay offers wide global coverage, particularly in LATAM and Asia, making it accessible to a broad range of users.
• Payment Flexibility: It allows for a variety of payment methods, including fiat and cryptocurrencies, giving both merchants and customers flexibility in their transactions.
• Low Transaction Fees: Alchemy Pay provides competitive transaction fees, which can significantly reduce costs for businesses, especially those dealing with international transactions.
• Instant Settlement: Transactions are settled quickly, often in seconds, thanks to the use of blockchain technology and anti-fraud measures.
• Reduced FX Friction: Merchants can receive payments in their local currency, regardless of the payment method used by the customer, minimizing foreign exchange complications.
• Governance Participation: Holders of Alchemy Pay tokens can participate in the governance of the system, allowing for community involvement in decision-making processes.

Cons of Alchemy Pay

• Newer Solution: Alchemy Pay is a relatively new platform, which may make it less established compared to other, more traditional payment systems.
• Limited Cryptocurrency Support: Compared to some other platforms, Alchemy Pay supports fewer cryptocurrencies, which might limit its appeal to some users.
• Integration Requirements: While integration is designed to be straightforward, it still requires partners to integrate with the Alchemy Pay protocol, which can be a barrier for some businesses.

Founders of Alchemy Pay

• Shawn Shi: Founder and Chairman of Alchemy Pay. He is a former executive of many publicly listed companies and a partner of well-known investment funds.
• John Tan: CEO of Alchemy Pay, though not explicitly listed as a founder, he is part of the leadership team.

Note on Confusion

• Nikil Viswanathan is the co-founder and CEO of Alchemy, a different blockchain company backed by Stanford University and other notable investors, not Alchemy Pay.

Investors in Alchemy Pay

Alchemy Pay has secured investments from various entities, including:

• DWF Labs: A venture capital firm that has invested in Alchemy Pay.
• Other Venture Capital Firms: Alchemy Pay has also received investments from other venture capital firms, though specific details are not publicly disclosed.
• Private Investors: The project has attracted a significant number of private investors, contributing to its total raised funds of $10.00M and a valuation of $400.00M.
• Community Support: Alchemy Pay boasts a large community of over 400,000 investors and members, indicating strong support for the project.

Halal Status of Alchemy Pay

Yes, Alchemy Pay is halal. It has been screened and deemed compliant with Shariah guidelines, ensuring that it adheres to Islamic finance principles.