Alchemy Pay (ACH)

Payment Solutions

Alchemy Pay is a hybrid payment system that allows merchants and consumers to transact using both fiat money (like dollars or euros) and cryptocurrencies (like Bitcoin or Ethereum). It supports payments online, in physical stores, and in apps, making it easy to accept and use crypto and fiat together.

Token Utility

The ACH token is the native token of Alchemy Pay. It is used for paying transaction fees, staking, earning rewards, and governance voting within the Alchemy Pay ecosystem. Merchants and partners can pledge ACH tokens to join the network and earn transaction rewards.

Crypto-Fiat Bridge

Alchemy Pay acts as a bridge between the crypto and fiat economies, enabling fast, low-cost, and secure conversions between cryptocurrencies and traditional money. This helps users buy crypto with credit/debit cards, mobile wallets, and bank transfers, and allows merchants to receive payments in fiat even when customers pay with crypto.

Enterprise and Developer Use

Financial institutions, payment companies, e-commerce platforms, and developers use Alchemy Pay’s solutions to build payment services that integrate both crypto and fiat. The platform supports over 70 countries and 300 payment channels, with partnerships including Binance, Shopify, and others.

Web3 and DeFi Access

Alchemy Pay also enables easy access to Web3 services and decentralized finance (DeFi) by providing fiat-to-crypto on-ramps. Users can buy digital assets, NFTs, and participate in blockchain ecosystems using familiar payment methods.

Additional Features

• Credit and lending services using blockchain-based credit scoring
• Cross-border remittances with easy currency exchange
• Support for over 40 fiat currencies and 40+ cryptocurrencies
• Integration with popular payment methods like Visa, Mastercard, Skrill, and NETELLER

Overall, Alchemy Pay makes it simple for businesses and consumers to use cryptocurrencies alongside traditional money in everyday transactions and digital finance.

Pros

• Alchemy Pay bridges fiat and crypto economies, allowing seamless payments and conversions between the two.
• Supports payments in over 70 countries with 300+ payment channels, including Visa, Mastercard, and regional wallets.
• Enables merchants to accept crypto payments but receive fiat instantly, avoiding crypto price volatility.
• Offers a user-friendly and flexible payment infrastructure for consumers, merchants, and developers.
• Integrates easily with existing payment systems via plug-ins and APIs.
• Uses Chainlink’s Price Feed Oracle for accurate real-time price data.
• Provides a wide network reach with over 2 million merchants and partnerships with major companies like Shopify.
• Includes features like NFT checkout and crypto cards for easy spending of crypto.
• Has strong compliance and security measures for off-ramping crypto to fiat.
• Transaction fees are lower compared to traditional credit cards.

Cons

• Some users have reported account blocks without clear reasons.
• Customer service has mixed reviews, with some complaints about delays and maintenance issues.
• The price of the ACH token has shown volatility and a general downward trend since its peak.
• Not all users may find it suitable due to varying transaction factors and regional limitations.
• The crypto market’s unpredictable nature affects the token’s value and investment potential.

Founders of Alchemy Pay

Alchemy Pay was founded in Singapore in 2018 by Shawn Shi and Molly Zheng. Shawn Shi is recognized as the founder and chairman, bringing extensive experience from companies like HSBC, Paypal, QFPay, and Mastercard. Molly Zheng is also a co-founder and chairwoman, contributing her expertise to the project. John Tan and Gibbs Lvy are additional co-founders involved in the leadership team.

Founders of Alchemy (Different Company)

Nikil Viswanathan and Joe Lau co-founded Alchemy, a separate blockchain development platform. Nikil Viswanathan serves as CEO and has a background in computer science from Stanford University. This company is distinct from Alchemy Pay.

Investors in Alchemy Pay

Alchemy Pay has a total of 11 institutional investors. Some of the key investors include DWF Labs, Northbund Capital (Hong Kong), Oak Grove Ventures, Bitrise Capital, and CGV FoF. The latest funding round was a Series A round on April 3, 2023, where Alchemy Pay raised $10 million led by DWF Labs. All investors are institutional, supporting Alchemy Pay's growth and expansion plans globally.

Halal Status of Alchemy Pay

Alchemy Pay is considered halal because it functions as a utility and rewards token within a decentralized payment system that bridges crypto and fiat currencies. It operates similarly to Visa or Mastercard but on the blockchain, facilitating daily transactions without intermediaries. The token is rewarded through fees and partnerships, aligning with halal principles as confirmed by Islamic finance scholars. However, staking Alchemy Pay has not been fully assessed for halal compliance yet.