Integration with Alchemy Pay will allow Algorand to integrate users through fiat payment standards such as Visa, Mastercard, PayPal and countless other local payment channels across the world. The ability to bring new users into the Algorand ecosystem through these traditional payment methods will increase adoption by making direct access and bypassing the complications of crypto exchanges that can be a barrier to entry for many. .
The cooperation between Alchemy Pay and Algorand is a natural fit, as both focus on bringing traditional finance closer to decentralized and blockchain finance. As a pure proof of stake platform, Algorand is among the most efficient networks in terms of energy use, which has won over environmentally conscious investors. Algorand was founded by MIT professor, Silvio micali. Professor Micali is the recipient of the prestigious Turing Prize for Computing and much of his work has had a direct impact on the cryptocurrency space.
After being added to Alchemy Pay’s crypto-fiat payment network, the ALGO token can be used for business-to-business or customer-to-business payments globally and without borders. Alchemy Pay’s payment network is focused on expanding the acceptance of crypto by offering low fees and quick settlement through their software solution that does not require any special hardware. When ALGO is used to pay online or in store on the Alchemy Pay network and will automatically convert to fiat currency for the convenience of merchant partners.
CEO of Alchemy Pay, John tan, Explain, “Our payment network allows ALGO to be widely used as a currency globally. Like us, Algorand is focused on the evolution of decentralized finance, and we’re happy to help Algorand users seamlessly switch between blockchain and non-blockchain economies. ”
In October of this year, Alchemy Pay co-founded the Alliance for Blockchain Infrastructure, of which Algorand is now a member. The alliance brings together industry leaders, innovators and investors to create cooperation in all areas of blockchain technology and collectively promote the development of decentralized finance and other decentralized initiatives. Its inclusion as a founding member will bring Algorand together with other prominent DeFi projects and strengthen BIA’s goal of building a more unified and stronger blockchain industry.
Head of Developer Advocate of Algorand, Haichao Zhu, said of the integration, “Algorand is widely known as the solution for a decentralized, secure and scalable Layer 1 blockchain. Algorand’s mission has always been to strengthen the traditional financial system as well as develop the age of the web 3. Integration with Alchemy Pay will help us to further expand our ecosystem to enable much more versatile application scenarios and bring technology to people’s daily lives. “
On Alchemy Pay
Alchemy Pay is an integrated provider of fiat and cryptocurrency gateway solutions, enabling seamless acceptance of crypto and fiat for merchant networks, developers and financial institutions. The company is driving the adoption of blockchain technology by making crypto investments, business transactions, and DeFi services readily available to consumers and fiat economy institutions. Today, Alchemy Pay supports over 65 countries with 200 payment channels and has touchpoints with over 2 million merchants through partnerships with industry giants such as Binance, Shopify, Arcadier, QFPay, etc.
Website:alchemypay.org
Twitter:twitter.com/alchemypay
Telegram:t.me/alchemy_official
On Algorand Foundation
The Algorand Foundation is dedicated to realizing the global promise of blockchain technology by leveraging the Algorand protocol and open source software, originally designed by Silvio micali and a team of leading scientists. With fundamental convictions in the establishment of an open, public and unauthorized blockchain, the Algorand Foundation has the vision of an inclusive ecosystem that offers everyone the possibility of exploiting the potential of a fair and truly free economy. borders.
Website: https: //algorand.fondation
Twitter: https://twitter.com/AlgoFoundation
SOURCE Alchemy Pay
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