VeChain Partners Alchemy Pay for Fiat Payment Rails and Crypto on-Ramps
PRESS RELEASE. Palo Alto, USA, March 2022 – Vechain (VET), the leading layer-1 smart contract platform has announced it is adding Alchemy Pay’s (ACH) mainstream-friendly fiat payment channels and crypto on-ramps to its network. Alchemy Pay is a specialist in providing practical payment solutions that connect up fiat and crypto economies. Its crypto acceptance payment system for online and offline businesses with 2 million+ merchants in over 70 countries worldwide now supports VeChain’s VET token for payments.
VeChain’s CEO, Sunny Lu, said of the integration, “With Alchemy Pay’s fiat payment channel and crypto on-ramps we are bringing more mainstream accessibility to our network. This has benefits, not only for users, but also for all developers building on the VeChainThor blockchain. The integration of VET into Alchemy Pay’s crypto payment system is important in further expanding the real-world use cases for VET as a form of payment. By enabling mainstream payment standards like Visa, Mastercard and Paypal using Alchemy Pay, the mainstream adoption of VET will increase by making direct access possible, bypassing the complications of crypto exchanges that can be a barrier for many new users.”
Alchemy Pay has become increasingly important in the blockchain space as a bridging service for the industry. Recent payment integrations with the likes of Elrond, Polygon, Algorand, NEAR, and Avalanche highlight this. Its 300+ fiat payment channels allow crypto services and networks to onboard users with popular local and global mobile wallets as well as more traditional card and bank transfer payments.
Alchemy Pay CEO, John Tan, said, “VeChain is a leading blockchain project that has attracted a great deal of support and interest from developers and has an impressive ecosystem. Our partnership with them will improve their access to users and increase the possibilities for developers on Thor. After integrations with VeChain as well as other leading blockchains we expect our fiat-crypto on-ramps to be a major driver of the mainstream adoption of crypto services and DApps go forward.”
Built on top of the VeChainThor public blockchain, the VeChain ecosystem provides resources to anyone who wants to solve real world economic problems and create value using blockchain technology. VeChain empowers businesses, startups, and community projects and makes it easy to build platforms on Thor.
About Alchemy Pay
Founded in Singapore in 2018, Alchemy Pay (ACH) connects fiat and crypto economies for global businesses and consumers. It provides online and offline merchants with convenient acceptance of both fiat and cryptocurrency and makes crypto services accessible to mainstream users. Today, Alchemy Pay is supported in over 70 countries with 300 payment channels, has touchpoints with more than 2 million merchants through partnerships with industry leaders such as Binance, Shopify, NIUM, and QFPay. Alchemy Pay’s token, ACH, is native to the Ethereum blockchain.
VeChain envisions a world where blockchain technology will be used to create value and solve real world problems throughout businesses and projects. Launched in 2015, the VeChain Foundation had developed the VeChainThor blockchain enabling projects with blockchain technology. Its unique two token model keeps transaction cost stable, while its Proof-Of-Authority consensus mechanism guarantees high throughput, while keeping energy consumption at a minimum.
The VeChain Foundation, registered in Europe, currently has offices in Asia, Europe and the US. Alongside key strategic partners PwC and DNV, VeChain has collaborated with world-leading enterprises including Walmart, Bayer, the BMW Group, BYD Auto, Shanghai Gas, LVMH and many more.
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