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Press release
Press release. Singapore, 10 January 2022: Thanks to a new integration with Alchemy Pay (ACH), Algorand (ALGO), a layer 1 blockchain for decentralized and traditional finance, has added direct fiat payment channels to its network. Alchemy Pay, a provider of payment solutions connecting the fiat and crypto economies, now supports payments in 65 countries with Algorand’s $ALGO token on its global merchant network. Algorand also announced that it has joined the Blockchain Infrastructure Alliance formed by Alchemy Pay in October, Near-Earth Objects, NEAR and Polygon.
The integration with Alchemy Pay will allow Algorand to reach users through fiat payment standards such as Visa, Mastercard, PayPal, and countless other local payment channels around the world. The ability to bring new users into the Algorand ecosystem through these mainstream payment methods will increase adoption by directly accessing and bypassing the complexities of cryptocurrency exchanges that can be a barrier to entry for many.
The collaboration between Alchemy Pay and Algorand is a match made in heaven as both focus on bringing together traditional finance with decentralized blockchain finance. As a pure proof-of-stake platform, Algorand is one of the most efficient networks in terms of energy usage, which attracts environmentally conscious investors. Algorand was founded by MIT professor Silvio Micali. Professor Micali is the recipient of the prestigious Turing Award for Computer Science, and much of his work has directly impacted the cryptocurrency field.
When added to Alchemy Pay’s crypto-fiat payment network, ALGO tokens can be used for borderless business-to-business or customer-to-business payments around the world. Alchemy Pay’s payment network is focused on expanding the acceptance of cryptocurrencies by providing low fees and fast settlements through software solutions that do not require special hardware. When ALGO is used for online or in-store payments on the Alchemy Pay network, ALGO will be automatically converted to fiat currency for the convenience of merchant partners.
Alchemy Pay CEO John Tan explained, “Our payment network allows ALGO to be widely used as a global currency. Like us, Algorand is focused on the development of decentralized finance, and we are excited to help Algorand users in blockchain and non-blockchain economies move seamlessly.”
In October, Alchemy Pay co-founded Blockchain Infrastructure Alliance, Algorand is now a part of it. The alliance brings together industry leaders, innovators and investors to collaborate in all areas of blockchain technology to advance decentralized finance and other decentralized initiatives. Joining as a founding member will bring Algorand together with other leading DeFi projects and further BIA’s goal of building a more unified and robust blockchain industry.
Haichao Zhu, head of developer advocacy at Algorand, said of the integration: “Algorand is widely recognized as the solution for a decentralized, secure and scalable layer 1 blockchain. Algorand’s mission has always been to empower traditional finance system while developing the web3 era. The integration with Alchemy Pay will help us further expand our ecosystem to enable more functional use cases and bring the technology into everyone’s daily life.”
about Alchemy Payment
Alchemy Pay is an integrated fiat and cryptocurrency gateway solution provider that provides seamless crypto and fiat acceptance to merchant networks, developers and financial institutions. The company drives the adoption of blockchain technology by making crypto investments, business transactions, and DeFi services easily accessible to consumers and institutions in the fiat economy. Today, Alchemy Pay provides 200 payment channels in over 65 countries and connects with over 2 million merchants through partnerships with industry giants such as Binance, Shopify, Arcadier, QFPay, and more.
website:alchemypay.org
Twitter:twitter.com/alchemypay
telegraph:t.me/alchemy_official
The Algorand Foundation is committed to realizing the global promise of blockchain technology by leveraging the Algorand protocol and open source software, originally designed by Silvio Micali and a team of leading scientists. With the core belief of building an open, public and permissionless blockchain, the Algorand Foundation has a vision for an inclusive ecosystem that provides everyone an opportunity to harness the potential of a fair and truly borderless economy.
website: https://algorand.foundation
Twitter: https://twitter.com/AlgoFoundation
This is a press release. Readers should conduct their own due diligence before taking any action related to the advertised company or any of its affiliates or services. Bitcoin.com is not responsible for any damage or loss caused or claimed to be caused by the use or reliance on any content, goods or services mentioned in the press release.
Image Source: Shutterstock, Pixabay, Wikimedia Commons
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