Alchemy Pay Global Payment Engine Bridges Crypto and Fiat Payment Channels
August 24, 2021, 5:23AM EDT · 3 min read
What’s Behind the World’s First Hybrid Crypto-Fiat Aggregation Platforms
Since November 1, 2008, since the pseudonymous Satoshi Nakamoto published a white paper on his brainchild, Bitcoin, neither the core principles nor the core technology of Nakamoto’s thesis have changed, but the value of what he created certainly has.
A key motivation for Nakamoto’s invention was the state of payment systems at the time, with too many intermediate links, low interoperability, low efficiency, high costs, and higher fees. Nakamoto felt an urgent need for new technology and a new system to cure the payment industry’s inability to overcome these intractable and worsening issues.
He succeeded beyond anyone’s wildest expectations in terms of the trade value of the asset he created. However, in terms of solving the problems he wanted to solve, almost no progress has been made at all. The world of payments continues business as usual.
After all, Nakamoto wanted to create an entirely separate system.
But Alchemy Pay wants to change that vision. Fiat and crypto currencies can and should work together, and Alchemy Pay’s mission is to make that happen by building the bridge. Just as single terminals have bridged the denominations of different countries and converted between them, those same terminals can accept and convert cryptocurrencies, too.
Alchemy Pay provides solutions for online and offline merchants to aggregate crypto assets and fiat currencies without the burden of major infrastructure upgrades, and makes this possible in 65 countries and regions, supporting more than 300 fiat and cryptocurrency gateways.
Moreover, the crypto payment solution created by Alchemy Pay has significant advantages for the global payment market in increasing transaction speed, reducing transaction costs, and eliminating opaque and cumbersome intermediate links. This includes across international borders. It’s a market that is expected to reach $2.7 trillion by 2023.
Global payments today are facilitated by a complex network of commercial banks, clearing institutions, and third-party payment institutions whose inefficiencies and costs gave rise to the innovations of super-scaled enterprises such as PayPal and Alipay, which leverage their size to offer faster and cheaper alternatives. Alchemy Pay’s innovations are grounded in blockchain technology.
Alchemy Pay pioneered the world's first hybrid crypto-fiat payment solution, which today supports all mainstream payment forms, such as POS, apps, web commerce, bank card payments, etc. Merchants supported by Alchemy Pay do not need to change their original payment methods and users do not need to download new payment apps in order to add crypto assets to the range of payments that they accept. This is how crypto assets enter the real world of trade in goods and services.
Second-generation solution providers such as PayPal are in the market to solve similar problems that Nakamoto’s vision solves, mostly by eliminating intermediate steps in the transfer process--but at significant cost. Second-generation efforts are being made to integrate cryptocurrency, but the integration is not helping with the fees.
Third-generation solution providers such as Alchemy Pay have embraced decentralized finance (DeFi) from its inception, and natively leverage the decentralized smart contracts, second-layer scaling solutions, on-chain analytics, and consensus mechanisms of blockchain technology.
Founded on that basis in 2018, Alchemy Pay introduced the world's first hybrid crypto-fiat aggregation platform, which is now supported in 65 countries and regions, with exchange transaction services provided for over 300 fiat currencies and cryptocurrencies, and touchpoints with millions of merchants in a wide range of segments, including finance, B2B & B2C e-commerce, off-line retail, entertainment, and more.
This has been achieved through partnerships with powerful brands, such as Shopify, with more than 10% of global e-commerce market share, Arcadier, an enterprise trade SaaS provider serving more than 130 countries, CeLaVi, a world-renowned luxury consumer group, and Aldo, a world-renowned women's fashion brand. In addition, Alchemy Pay’s crypto industry partnerships include the world’s largest crypto exchange, Binance, as well as Huobi Global, MXC, Celo, and crypto wallet providers Cobo and ImToken.
These partnerships represent the very beginning of far greater potential, as cryptocurrency payment channels are far from mainstream. But the many advantages that Satoshi Nakamoto envisioned are real. The problem, or the flaw, is that cryptocurrency exists in its own world. The solution is to build a bridge, and Alchemy Pay is leading the way.
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