Table of Contents
Join the Trading Community: Learn & Earn with BingX.
While the integration of the cryptocurrencies into the financial world is definitely gaining momentum, it is still safe to say that crypto and the traditional financial world are two separate sectors. They may look like they could complement each other and make each other better, more inclusive, faster or cheaper and yet, there still seem to be so many different hurdles before this happens.
Yet, there are already several projects that are trying to bring these two worlds together. One of the most successful so far has been Alchemy Pay (ACH), which has been around for almost four years. In this time, the project has partnered with several important companies in the crypto industry and is getting more popular by day. Let’s thus introduce Alchemy Pay and see whether it truly has the potential to bring crypto and fiat worlds together.
Alchemy Pay is a hybrid cryptocurrency payments platform that is aiming to become the bridge that connects the traditional world of finance with the rising world of cryptocurrencies. As described by its official website, the goal of Alchemy Pay is “to provide mainstream-friendly payment solutions that promote the global adoption of cryptocurrency by connecting fiat and crypto economies.”
So far, Alchemy Pay has been doing this mostly through C2B and B2B services that it offers. Moreover, it does offer both online as well as offline crypto and fiat gateways, which means that the crypto investors are free to use their coins for purchases and payments.
Alchemy Pay also gives an option to the merchants to be able to receive any fiat currency they want, which means that the merchants do not necessarily need to accept cryptocurrencies. Thus, no matter if the transaction happens in crypto or fiat, even the local currency, the money can be easily sent and just as easily received.
Overall, the project provides both merchants as well as the customers with multiple options for settlement of the transactions. Through this, Alchemy Pay is trying to reduce the friction of the old financial world, while trying to push forward the crypto industry. As of now, it seems that more of a hybrid crypto-fiat model is needed for this to happen.
Nevertheless, Alchemy Pay is already offering several different products and features that both parties can benefit from such as Smart POS for crypto, a Crypto Payment Gateway or an in-app Payment SDK for the merchants.
All of this has helped Alchemy Pay to secure very impressive partnerships, cooperation or support of some of the best-known companies in the cryptocurrency world.
Alchemy Pay is a global cryptocurrency payment platform that allows merchants to accept cryptocurrency payments. As of my knowledge cutoff of September 2021, some of Alchemy Pay’s partners included:
Alchemy also provides support for more than 100 fiat currencies as well as almost all the major cryptocurrencies. This means that Alchemy Pay is now supported in over 70 countries with more than 300 various payment channels. The users of Alchemy Pay can use this platform to purchase products and services with more than 2 million merchants all over the world.
This all has, without any doubt, helped Alchemy Pay with building a rather interesting community. As of now the project has more than 156K+ followers on Twitter or 88K+ members in its Telegram group.
While the team has not been properly introduced in the Whitepaper, it is well known that Alchemy Pay was set up in 2018 in Singapore by Molly Zheng and Shawn Shi, both of whom have incredible experience in the financial world. Before creating Alchemy Pay, Zheng was a senior consultant at PayPal China and also worked for HSBC China and Mastercard China. Shi on the other hand was a vice-president of technology at Chinese insurance company ZhongAn and also worked for Qihoo 360, Chinese internet security firm.
The team is also joined by John Tan, chief executive with previous experience in consultancy, chief technical officer Liang Chuan or Train Luo who is responsible for strategy and talent. Overall, the Alchemy Pay team has around 60 members.
Alchemy Pay has its own token, ACH, which is a traditional Ethereum based ERC-20 standard token. With the maximum as well as total supply of 10,000,000 000 tokens, Alchemy Pay does not strive to be somehow popular in the “meme coins” section with quadrillions of token issued. On the other hand, with the current circulating supply of about 4,71 billion of ACH, the tokenomics of Alchemy Pay does not somehow stand out, which is both a bad and a good sign.
The basic division upon its creation was 62% of the tokens being meant for utility. This included allocation for Enterprise transaction rewards and consumer transaction rewards (40%) or DeFi transaction rewards (11%) and few more allocation lots for various functionalities and purposes.
The other 38% was allocated to Stakeholders, with the team getting 18% of all the tokens. The similar piece of the pie (18%) was received by backers, who helped with raising funds in the early stages of development, marketing and operations. The other 2% are allocated for advisors.
The current price of the ACH token is about 0.01 dollars, with 0.2 dollars being the ATH that was seen on 6th of August 2021. Since then, the token has been mostly decreasing in value, and is currently sitting 94% below its ATH, but that is generally true for all the cryptocurrencies.
With many huge ambitions and great partnerships, it’s rather surprising that Alchemy Pay is not higher in the overall market cap of the cryptocurrencies. While the market cap is definitely not the only important indicator, it is for sure indicative of many things.
Having a market cap of about 55 million dollars, the Alchemy Pay is the 336th token, according to Coinmarketcap. Moreover, the daily volume of the token is below 10 million dollars, and that is even after a 66% increase in trading in the current days.
Thus, while it might seem like this project is perfectly placed to become one of the biggest brands in the cryptocurrency world, it seems that it still lacks proper backing by investors and traders. And until this is changed, the Alchemy Pay will definitely stay in the shadows of what it can actually achieve.
Alchemy Pay is overall a well-rounded project that is trying to solve a real problem that is currently in the financial world. While the very knowledgeable and experienced team was able to secure some of the most interesting partnerships in the cryptoworld, as of now it feels like Alchemy Pay and its ACH token are both still missing something. Until that changes, the project can have real trouble making it to the biggest cryptocurrencies in the space.
Disclaimer: BingX does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BingX is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the article.