Press release. Singapore, 10 January 2022: Algorand (ALGO), the first-tier blockchain for decentralized and traditional finance, has added direct payment channels to their network, thanks to a new integration with Alchemy Pay (ACH). Alchemy Pay, a payment solutions provider that bridges the crypto and crypto economies, and its global network of merchants now support Algorand’s ALGO $ALGO token for payments in 65 countries. Algorand also announced that it has joined the Blockchain Infrastructure consortium that opened in October by Alchemy Pay, NEO, NEAR, and Polygon.
Integration with Alchemy Pay Algorand will enable users to be accommodated via paper 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 via these mainstream payment methods will increase adoption by making direct access 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 natural match as both focus on combining traditional finance with decentralized blockchain finance. As a pure proof-of-stake platform, Algorand is among the most energy efficient networks, which have attracted environmentally conscious investors. Founded by Algorand Professor at the Massachusetts Institute of Technology, Silvio Micali. Professor Micale is the recipient of the prestigious Turing Prize for Computer Science and much of his work has directly impacted the cryptocurrency space.
After being added to the Alchemy Pay crypto payment network, the ALGO token can be used for business-to-business or customer-to-business payments globally and without limits. Alchemy Pay’s payment network focuses on expanding the acceptance of cryptocurrencies by offering low fees and fast settlement via a software solution that does not require special hardware. When you use ALGO for online or in-store payment on the Alchemy Pay network, it will be automatically converted into fiat currency for the convenience of trading partners.
John Tan, CEO of Alchemy Pay explained, “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 excited to help Algorand users move seamlessly between the blockchain and non-blockchain economies.
In October of this year, Alchemy Pay co-founded the Blockchain Infrastructure Alliance, of which Algorand is now a member. The alliance brings together industry leaders, innovators, and investors to create collaborations across all areas of blockchain technology and collectively advance the development of decentralized finance and other decentralized initiatives. His inclusion as a founding member will bring Algorand together with other leading DeFi projects and advance BIA’s goal of building a more consolidated and stronger blockchain industry.
Algorand Chief Developer Advocate Haichao Zhu said of the integration, “Algorand has been 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 will help us With Alchemy Pay we will further expand our ecosystem to enable more diverse application scenarios and bring technology into everyone’s everyday lives.”
on push chemistry
Alchemy Pay is an integrated digital currency and cryptocurrency gateway solutions provider, providing seamless crypto and cash acceptance to network 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 2 million merchants through partnerships with industry giants such as Binance, Shopify, Arcadier, QFPay and more.
on Algorand Foundation
The Algorand Foundation is dedicated to fulfilling the global promise of blockchain technology by leveraging the Algorand protocol and open source software, initially designed by Silvio Micali and a team of leading scientists. With core beliefs in creating an open, public, and unlicensed blockchain, the Algorand Foundation has a vision for an inclusive ecosystem that provides an opportunity for everyone to harness the potential of a truly borderless, fair economy.
This is a press release. Readers should exercise due diligence before taking any actions in connection with the Promoter, any of its affiliates, or the Services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any content, goods or services mentioned in the press release.
photo credits: Shutterstock, Pixabay, Wikicommons