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Alchemy Pay Gets $10 Million From DWF Labs at $400 Valuation

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Alchemy Pay, a Singapore-based payment provider, obtained a $10 million investment from market maker DWF Labs at a valuation of $400 million. The company plans to expand its business in South Korea which will require huge funding to build an infrastructure. 

Alchemy provides a protocol to access the fiat payment system to cryptocurrency exchanges. The motive behind the expansion in South Korea is to offer hassle-free infrastructure to local and international crypto exchanges based in the country. 

On March 30, OKX, a popular crypto exchange, introduced a fiat-crypto on-ramp solution of Alchemy Pay on its platform. The recently introduced on-ramp solution will help crypto exchange users easily purchase cryptocurrencies using their local fiat currency. 

Alchemy Pay is handling its operation in more than 70 nations and has successfully gathered 2 million merchants to use its services. Some major partners of Alchemy are Shopify, NIUM and QFPAY.  

The native token of Alchemy is ACH; at press time, the token was trading at $0.03482 with a 24-hour trading volume of $88,042,689. ACH is ranked 169th in the market, with a market dominance of 0.02%. 

Source:TradingView 

ACH token’s 52-week trading range is $0.007822 and $0.05113. The all-time high of the token is $0.1975. The trading of ACH tokens is available on more than four crypto exchanges, including Coinbase, Kucoin, Kraken and more. ACH token has a market capitalization of $176,715,328. 

According to Crunchbase data, DWF Labs has invested in more than 40 leading companies, such as Conflux Network, Synthetix, Radix, Fetch.Ai, Alchemy Pay, Mask Network, Flare Network, Coin98, Yield Guild Games, WOM Protocol and several others. 

South Korea is still a second choice for crypto exchanges and companies, but the nation is working closely to improve its crypto regulations. South Korea has made some major contributions to the blockchain and crypto industry. Webisoft, Wow Blockchain Labz, Mckinley & Rice Inc, Cubix, Rather Labs and Genesis Labs. 

It is important to note that a massive shifting of headquarters is seen because of Security regulators and harsh rules and regulations in several countries. Establishing headquarters in Hong Kong is a dream for the crypto business. Several crypto exchanges, including KuCoin, Huobi Globals and Gate.io, have already prepared a roadmap for their expansion in a special region of China. 

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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