Direct Fiat On-Ramps Come to Algorand (ALGO) via Alchemy Pay (ACH) – Press release Bitcoin News

PRESS RELEASE. Singapore, 10 January, 2022: Algorand (ALGO), a layer-1 blockchain that allows for traditional and decentralized finance, added fiat payment channels to their network through a new integration of Alchemy Pay. Alchemy Pay, is a payment solutions provider that connects fiat and crypto economies, and its global merchant network now supports Algorand’s $ALGO token for payments in 65 countries. Algorand announced that it joined the Blockchain Infrastructure Alliance, which was launched in October by Alchemy Pay NEO, NEAR and Polygon.

Alchemy Pay integration will allow Algorand users to be onboarded via fiat payment methods like Visa, Mastercard and PayPal. This integration with Alchemy Pay will allow Algorand to attract new users via mainstream payment options. It also eliminates the need to use crypto exchanges which can sometimes be prohibitive.

Alchemy Pay & Algorand have a great match. Both are focused on the integration of traditional and decentralized finance. Algorand, a pure proof-of-stake network, is one of the most energy-efficient networks. This has attracted environmentally-conscious investors. Silvio Micali, MIT professor founded Algorand. Professor Micali, the recipient of the Turing Award for Computer Science and for much of his research has had a direct impact on the cryptocurrency industry.

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 borderlessly. Alchemy Pay’s payment network is focused on broadening crypto acceptance by offering low fees and fast settlement via their software solution that requires no special hardware. ALGO will automatically be converted into fiat currency when it is paid online or in-store using the Alchemy Pay Network.

Alchemy Pay’s CEO, John Tan, explained, “Our payment network gives ALGO broad use as a currency globally. Like us, Algorand is focused on the evolution of decentralized finance, and we are happy to be helping Algorand users move seamlessly between blockchain and non-blockchain economies.”

Alchemy Pay was a cofounder of the Blockchain Infrastructure Alliance. Algorand became a member of it in October. Alchemy Pay, along with other industry leaders and investors, founded the Blockchain Infrastructure Alliance to foster cooperation in all aspects of blockchain technology. It’s inclusion as a founding member will bring Algorand together with other leading DeFi projects and further BIA’s aim to build a more unified and stronger blockchain industry.

Algorand’s Head of Developer Advocate, Haichao Zhu, said of the integration, “Algorand has been widely known as the the solution for a decentralized, secured and scalable Layer 1 blockchain. Algorand’s mission has been to empower the financial system and develop the web3. The integration with Alchemy Pay will help us further expand our ecosystem to enable much more versatile application scenarios and bring the technology to everyone’s daily life.”

About Alchemy can pay

Alchemy Pay, a provider of integrated fiat-and cryptocurrency gateway solutions, enables seamless fiat and crypto acceptance for developers, merchant networks and financial institutions. By making cryptocurrency investment and commercial transactions as well as DeFi services easily available to fiat-economy institutions and consumers, AlchemyPay drives blockchain adoption. Alchemy Pay currently supports more than 65 countries through 200 payment channels. The company also has contact points with over 2 million merchants via partnerships with giants like Binance, Shopify and Arcadier.

About Algorand Foundation

Algorand Foundation aims to fulfill the worldwide promise of blockchain technology. They leverage the Algorand Protocol and open-source Software, originally developed by Silvio Micali with a group of top scientists. The Algorand Foundation is a foundation that believes in an open, permissionless, open-source blockchain. It has visions for an inclusive economy where everyone can harness the power of an equitable, truly borderless, economic system.




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