Algorand is bringing direct paper payment channels to its network through a partnership with Alchemy Pay, according to a press release on Monday (January 10).
Layer 1 blockchain for decentralized and traditional finance, Algorand offers the ALGO token for payments. Integration with Alchemy Pay Algorand gives the ability to join users via paper payment standards such as Visa, Mastercard, PayPal and other local payment channels around the world.
Alchemy Pay, a payment solutions provider that bridges the crypto and crypto economies, has a global trading network that will now support Algorand’s ALGO dollar token for payments in 65 countries.
See also: The Algorand Foundation announces a $300 million fund to grow DeFi innovations
Algorand joined the Blockchain Infrastructure Alliance (BIA) when it launched in October in coordination with Alchemy Pay, NEO, NEAR and Polygon.
“Our payment network allows ALGO to be widely used as a global currency. Like us, Algorand is focused on the evolution of decentralized finance, and we are thrilled to help Algorand users move seamlessly between the blockchain and non-blockchain economies,” said John Tan, CEO of Alchemy Pay.
By integrating mainstream payment methods, new users can join the Algorand ecosystem without the complications that are often a major barrier to entry. The partnership between the two companies is expected to increase overall adoption.
Read more: Alchemy Pay will provide virtual Visa and Crypto MC cards
Alchemy Pay and Algorand offer complementary services that strive to combine traditional finance with decentralized, blockchain-based finance. Founded by MIT Professor Silvio Micali in 2017 in Boston, Massachusetts, Algorand is a pure, energy-efficient proof-of-stake platform that has attracted environmentally conscious investors.
Once Algorand is integrated with Alchemy Pay’s crypto payment network, the ALGO token will be enabled for use globally for business-to-business or customer-to-business payments. When you use ALGO to pay online or in-store on Alchemy Pay, it will be automatically converted into fiat currency.
“Algorand is widely recognized as the solution to a decentralized, secure and scalable first-tier blockchain. Algorand’s mission has always been to enable the traditional finance system as well as advance the web 3 era. Integration with Alchemy Pay will help us further expand our ecosystem to enable more diverse application scenarios and introduce Technology is in everyone’s daily life,” said Algorand Chief Developer Counsel Haichao Zhu.