About

Alchemy Pay is a company that provides services for bridging the fiat and crypto global economies. Their products include crypto payment solutions, on and off-ramps for fiat-crypto exchanges, and NFT checkout services that enable direct purchases with fiat payments.

History

Alchemy Pay is a payment protocol built on open-source infrastructure that provides a bridge for crypto-fiat transactions. Through its platform, merchants and end-users are able to execute convenient and flexible payment transactions in both fiat and cryptocurrency.

The protocol, developed and maintained by Alchemy GPS, launched its ACH token on September 4, 2019. Pre-mined at its maximum of 10 billion tokens, 51% of the ACH token supply was reserved to incentivize participants who conduct their business using the ecosystem's numerous products. The rest of the supply was distributed among the project's team (18%), investors (18%), transaction mobility (6%), enterprise partners (5%), and advisors (2%). The majority of these token allocations are subject to a vesting schedule which began on September 7, 2020.

The merchant node network is the underlying infrastructure that powers the seamless operations of Alchemy Pay. Over two years of operation, the protocol has amassed more than 150 core nodes on its network. These nodes are made up of remittance partners, banks, decentralized finance protocols, centralized crypto exchanges and merchant networks. Its node network currently supports over 300 fiat and digital assets through 200 payment channels in 65 countries.

The ecosystem's development team, in 2021, announced plans to launch MasterCard and Visa virtual cards. The virtual card service will be structured in the form of a white-label solution to enterprises and blockchain projects to aid their end-users pay for goods and services at various merchant points with digital assets.