A new collaboration has been announced between IoTeX (IOTX), a blockchain network focused on the Internet of Things, and Alchemy Pay (ACH), a provider of cryptocurrency hybrid payment solutions. Alchemy Pay will integrate the IOTX token into its global cryptocurrency portal so that IOTX can be widely used for business-to-business (B2B) or customer-to-business (C2B) payments. As part of the collaboration, IoTeX will also join the Blockchain Infrastructure Alliance.
The Alchemy Pay network’s support for IOTX offers its owners broader possibilities of use. The payment network supports use in 65 countries with more than 200 payment channels. The integration means that IOTX can now be widely used worldwide for online or in-store payments in B2B or C2B scenarios. After payment, IOTX will be converted into local fiat currency for merchants in a higher settlement time and cost than traditional payment methods.
Founded in 2017, IoTeX was built from scratch as a Layer 1 blockchain that is extremely fast, low in fees and compatible with the Ethereum Virtual Machine- (EVM-). This enables builders to integrate machine data, value, and services into their decentralized applications (DApps), using machines as “truth arbiters” that allow people/companies to do things in the real world to earn digital assets/reputation. IoTeX’s MachineFi concept seeks to leverage verifiable machine data to fuel new Web 3.0 financial opportunities. IoTeX already powers real-world hardware such as Ucam and Pebble Tracker and connects with other Layer 1 blockchains with the goal of becoming the global hub of machine intelligence for the entire blockchain industry.
IOTX is a governance token that grants partial ownership of the IoTeX network and allows users to pay for DApps/services. Developers run their devices/DApps and incentives via IOTX because the services for devices/DApps are pushed into IOTX by users. This new integration with Alchemy Pay now allows IOTX to bypass the direct economy of IoTeX and makes interoperability between the blockchain and non-blockchain economies more convenient and streamlined.
Larry Bang, Head of Ecosystem at IoTeX said, “IoTeX is excited to join BIA and contribute our unique Web3 vision and infrastructure to the alliance. What really sets IoTeX apart from other Layer 1 chains is the powerful middleware geared towards the Internet of Things, such as DID, oracles, and SDKs, which It makes it easy for creators to connect real world machines/machines to the blockchain.”
As part of the collaboration with Alchemy Pay, IoTeX will join the Blockchain Infrastructure Alliance. The alliance brings together industry leaders to jointly promote and drive growth and progress in the cryptocurrency and blockchain space and act as an incubator for new projects. Founded by Alchemy Pay, NEAR, NEO, Polygon, and Conflux, it now boasts a growing list of blockchain industry leaders, including crypto exchanges, stablecoin issuers, and decentralized finance (DeFi) platforms.
For Alchemy Pay, this represents an expansion of its network into the Internet of Things (IoT) segment of the blockchain. Alchemy Pay has integrated a number of leading cryptocurrencies into its global cryptocurrency network over the past months including Polygon (MATIC), TRON (TRX), and Neo (NEO). They also provide some networks such as Polygon with mandatory mainstream payment channels. This will open the door for network DApp developers to be able to integrate Alchemy Pay’s financial ramps and onboard users directly into their network economy via payment standards such as Visa, Mastercard and Paypal.
IoTeX and Alchemy Pay are currently discussing the possibility of setting up paper payment platforms for IoTeX developers, according to setup information. John Tan, CEO of Alchemy Pay, said, “We are delighted to partner with IoTeX and provide key services for their IOTX tokens. IoTeX shares our vision for the future and see what functions we can offer now, and what we aim to do as a partnership in the future.”
Alchemy Pay is an integrated cryptocurrency portal solutions provider, working to provide seamless acceptance of crypto and fiat currencies to networks of merchants, developers, and financial institutions. The company is leading the adoption of blockchain technology by making crypto investment, commercial transactions and DeFi services more accessible to consumers and organizations in the cash economy. Today, Alchemy Pay supports more than 65 countries through 200 payment channels and has touch points with more than two million merchants through partnerships with industry giants such as Binance, Shopify, Arcadier, QFPay and more.
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Founded in 2017, IoTeX is an EVM-compliant blockchain platform to support the trusted Internet of Things, an open ecosystem where humans and machines can interact with assured confidence and privacy. IoTeX envisions a future where everyday people can own and control their smart devices, as well as the data and value they generate. Powered by a global team of more than 30 senior researchers and engineers, IoTeX combines blockchain, decentralized identity, and secure hardware to enable user-owned IoT devices and networks. By connecting the physical and digital worlds, IoTeX will enable the machine economy of the future and redefine the trillion-dollar Internet of Things industry.
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