Alchemy Pay Raises $10 Million in Funding to Expand Cryptopayment Services in South Korea

On April 3rd, Alchemy Pay, a Singapore based cryptopayment service provider, announced that it would complete a $10 million financing with a valuation of $400 million. This round of financing will be led by DWF Labs and will be used to expand its business in South Korea. （CoinDesk）

Alchemy Pay completed a $10 million financing with a valuation of $400 million, led by DWF Labs

Introduction

On April 3rd, 2021, Alchemy Pay, a Singapore-based cryptopayment service provider, announced that it has successfully raised $10 million in a funding round that values the company at $400 million. The financing was led by DWF Labs, a blockchain-focused venture capital firm. The new capital will be used to accelerate the company’s expansion into South Korea, where there is significant demand for digital payment solutions.

Overview of Alchemy Pay

Alchemy Pay is a leading provider of global cryptocurrency payment solutions. The platform supports over 40 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, and allows merchants to accept payments in these currencies from customers around the world. The company’s goal is to provide fast, secure, and convenient payment solutions that allow businesses to access new markets and increase revenue streams.

The Cryptocurrency Market in South Korea

South Korea is one of the world’s most active cryptocurrency markets. According to a report by Chainalysis, South Korea accounted for nearly 30% of all cryptocurrency trading in the world in 2020. Despite strict government regulations on the use of cryptocurrencies, the country has a large and growing community of investors and enthusiasts who are eager to embrace new ways of using digital currencies.

Alchemy Pay’s Expansion into South Korea

With the new funding, Alchemy Pay plans to expand its presence in South Korea by partnering with local merchants and payment service providers. The company has already established partnerships with several major players in the South Korean market, including Binance and OKEx, two of the world’s largest cryptocurrency exchanges.

Benefits of Cryptopayment Services for Merchants and Consumers

Cryptocurrency payment solutions offer a number of advantages over traditional payment methods for both merchants and consumers. For merchants, these solutions offer faster settlement times, lower transaction costs, and access to new markets. For consumers, they offer greater convenience, privacy, and security.

The Future of Cryptocurrency Payment Solutions

The demand for cryptocurrency payment solutions is expected to continue to grow in the coming years as more businesses and individuals embrace the benefits of digital currencies. With its global reach and commitment to innovation, Alchemy Pay is well-positioned to be a leader in this rapidly expanding market.

Conclusion

Alchemy Pay’s successful funding round is a testament to the growing demand for cryptocurrency payment solutions around the world. With its focus on expanding into the South Korean market, the company is poised to capitalize on the opportunities presented by one of the world’s most active cryptocurrency markets.

FAQs

#Q: What cryptocurrencies does Alchemy Pay support?

A: Alchemy Pay supports over 40 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.

#Q: How does Alchemy Pay plan to use the new funding?

A: The new funding will be used to expand the company’s business in South Korea by partnering with local merchants and payment service providers.

#Q: What are the benefits of cryptocurrency payment solutions for merchants and consumers?

A: Cryptocurrency payment solutions offer faster settlement times, lower transaction costs, and access to new markets for merchants, while offering greater convenience, privacy, and security for consumers.