Alchemy — a global crypto payments service provider announced the launch of the platform.
Alchemy Global Payment Solutions Limited (Alchemy), a global cryptocurrency payment pioneer, which powers businesses with cryptocurrency payment systems and solutions allows merchants in Asian and Middle Eastern markets easily accept bitcoin and crypto payments. The service features a hybrid integration with popular fiat wallets in Asia such as Alipay, WeChat Pay, and LinePay to mention a few.
Apart from bitcoin, Alchemy’s new payment gateway offers support for more than 30 altcoins. Crypto payments on the platform will be settled in the local fiat currency. Merchants using the Alchemy Hybrid Payment Solution will be settled in the local fiat currency of choice with no settlement risk, for example, Singapore Dollar (SGD), and Hong Kong Dollar (HKD).
As at press time, the Alchemy Hybrid Payment Solution is already live in Hong Kong and Singapore. Pricerite and Midwest Global Asia are among the first adopters on the service.
Platforms like Alchemy’s may face some competition in markets like China that already have a robust electronic payment ecosystem.
Crypto Retail Payments Becoming Reality
Payment system like this can be a real a game changer for the global cryptocurrency market as it propels cryptocurrencies towards truly becoming a global currency. It creates actual use cases for cryptocurrencies as cryptocurrency holders can spend their cryptocurrencies to purchase goods and services.
synergies of blockchain technology and digital payments around the world has garnered strong interest from the cryptocurrency community worldwide.
Alchemy’s new product is the latest attempt at solving the problem of using bitcoin and cryptos in daily retail transactions. However, the cryptocurrency still has a long way to go in establishing itself as a useful mode of payment. Nevertheless, experts have hold firm to beliefs that bitcoin will eventually be the native currency of the internet.