Alchemy Pay (ACH) is a platform connecting fiat and cryptocurrency economies, enabling businesses to accept crypto payments and providing users access to crypto and web3 services. Acting as a bridge between traditional and digital currencies, it aims to drive cryptocurrency adoption globally.^[1][2][3]

Overview

Alchemy Pay, established in Singapore in 2017, operates as a payment solutions provider aiming to bridge the gap between fiat and cryptocurrency economies across 173 countries. It offers a variety of services, including on- and off-ramps for crypto and fiat, white-label crypto card solutions, and NFT checkout. The ACH token functions within its network.

Partnered with various enterprises and blockchain networks, Alchemy Pay strives to facilitate access to crypto and Web3 services globally. Through collaborations with leading entities like Binance and Shopify, it endeavors to enable convenient, secure, and cost-effective transactions for consumers and institutions worldwide.

Moreover, Alchemy Pay plays a founding role in the Blockchain Infrastructure Alliance (BIA), alongside networks such as Polygon and Algorand, working to shape the blockchain industry. Additionally, as a member of the Singapore Blockchain Association, it contributes to promoting blockchain literacy and fostering a robust talent pipeline for the digital economy in Singapore. ^[1][4][2][5]

Anti-Fraud Solutions

Alchemy Pay places a high priority on security, aiming to enhance user confidence through the implementation of robust fraud prevention measures and partnerships with regulated KYC and AML providers. The Alchemy Pay Ramp Solution operates as a non-custodial payment gateway, ensuring that purchased assets are securely transferred to users' wallets or designated platforms without being held by Alchemy Pay.

By leveraging Forter's anti-fraud solutions, Alchemy Pay aims to detect and prevent fraudulent activities, thereby optimizing payment processes and safeguarding user transactions. Furthermore, Sumsub's KYC and AML verification services are utilized to ensure compliance with regulations and prevent document fraud.^[6]

Treasury

The Treasury section of Alchemy Pay's merchant management system facilitates the viewing and configuration of supported cryptocurrencies and networks. If a desired token is not listed, users can contact the business team to provide necessary details such as the cryptocurrency name, network, icon, contract address, liquidity source, price source, and blockchain browser link.

For tokens with liquidity available on supported decentralized or centralized exchanges, only the exchange name and token address are required. Supported exchanges include Binance, Kucoin, OKX, UniswapV2, and PancakeV2. Alternatively, users can act as liquidity providers, supplying an API for Alchemy Pay to acquire token/USDT prices and to notify them to transfer tokens to users. Following token transfer, users must call AlchemyPay's webhook API to communicate the outcome. Under this arrangement, AlchemyPay assists in collecting fiat and settling USDT, while users are responsible for transferring tokens to users.^[7]

Products

Alchemy Pay On-Ramp

Alchemy Pay offers the Alchemy Pay On-Ramp, aiming to provide users with the ability to purchase cryptocurrency directly with fiat currency through various payment methods. This solution aims to address common challenges faced by newcomers to the Web3 space, offering a seamless entry point into the crypto market.

With over 300 fiat payment rails, users can deposit funds using local and global fiat payment methods, facilitating fiat payment acceptance across various services, including crypto exchanges, DeFi protocols, and NFT marketplaces. The user-friendly experience prioritizes security measures such as ID verification, facial recognition, and Know Your Customer (KYC) services to enhance security while streamlining the onboarding process for customers.^[8][9]

Alchemy Pay Off-Ramp

Alchemy Pay's Off-Ramp feature is designed to facilitate the seamless conversion of cryptocurrency holdings into local fiat currency, simplifying the process for users and enabling direct transfers to their bank accounts globally. By streamlining the conversion process and offering competitive fees, Alchemy Pay aims to provide users with quick and straightforward fiat payouts, enhancing the overall user experience.

Previously, users encountered complexity when selling cryptocurrency for fiat currency, navigating swapping, bridging, and centralized exchanges. With Alchemy Pay's Off-Ramp, users can easily select the cryptocurrency to sell, specify the amount and desired fiat currency, and have the platform automate the conversion and fund transfer process. This feature not only benefits users across various decentralized applications but also aims to attract mainstream users to Web3 technology by offering greater autonomy over their cryptocurrency assets.^[9][10]

Alchemy Pay NFT Check-Out

Alchemy Pay's NFT Checkout aims to address the challenges encountered by buyers when purchasing NFTs, such as the requirement for specific cryptocurrencies, intricate transaction processes, and high gas fees. By providing a streamlined solution, AlchemyPay seeks to simplify the purchasing process and mitigate abandonment rates.

The AlchemyPay NFT Checkout offers web3 platforms the capability to enable users to acquire NFTs using credit, debit cards, and local payment methods from 173 countries. This solution supports both primary NFT sales and secondary trading, offering users a swift and secure method to access NFTs without the complexities of crypto transactions. Moreover, AlchemyPay's NFT Checkout is engineered to be straightforward to integrate, ensuring a seamless experience for creators, developers, and users.^[11][12]

Alchemy Pay Crypto Card

Alchemy Pay facilitates businesses in issuing branded crypto cards for their users, available in both physical and virtual formats. These cards operate akin to traditional payment methods and can be conveniently funded with various cryptocurrencies, including USDT, USDC, BTC, and ETH. Users can employ these cards globally for online and offline transactions, accessing popular platforms like Apple Pay and PayPal seamlessly.

Alchemy Pay's Crypto Card solution aims to simplify bank acceptance processes by offering customized cards tailored to each brand. Additionally, users have the flexibility to top up their cards with different cryptocurrencies and convert between crypto and fiat currencies as required, with specific card types available for different regions and usage scenarios.^[13]

Alchemy Pay Crypto Payment

Alchemy Pay's Crypto Payment solution facilitates businesses in accepting cryptocurrency payments globally, including Bitcoin and other major cryptocurrencies, aiming to attract new customers while mitigating high fees and chargebacks. The streamlined process, from setup to settlement, ensures simplicity and accessibility.

Customers can opt for Alchemy Pay as the payment option, completing payment at a locked-in exchange rate. Alchemy Pay then converts the cryptocurrency payment into the merchant's local currency, with settlement initiated to the merchant's bank account on the next business day. This solution endeavors to support enterprises and merchant networks in accessing the multi-trillion-dollar cryptocurrency market with minimal cost and effort, projected to witness annual growth of 20-30% over the next decade.^[14]

Tokenomics

Alchemy Pay Token ($ACH)

The ACH token, operating as an ERC20 utility token on the Ethereum blockchain, plays a vital role within the Alchemy Pay network. It serves purposes such as covering transaction fees, incentivizing network use, and reducing transaction costs. ACH can be traded on various exchanges like Binance, Coinbase, and Huobi.

With a capped supply of 10 billion tokens since its pre-mining on September 4, 2019, ACH aims to function as a bridge between the crypto and fiat realms, facilitating smooth transactions. ^[15][16]

Utility

• For Businesses: ACH tokens aim to facilitate crypto-fiat transactions in both B2C and B2B scenarios, providing a seamless payment experience on platforms like crypto exchanges, e-commerce websites, and offline retail stores.
• For Institutions: ACH tokens support financial institutions like banks and fund management firms in providing potential crypto investment services to their clients by enabling the exchange between fiat and crypto assets.
• For Individuals: ACH tokens aim to enable users to access a range of crypto-fiat services, including shopping, investment, borrowing, and earning interest through staking. They can utilize ACH tokens for transactions on crypto-linked cards, applications, and software, whether developed internally or by third-party providers.^[15][16]

Allocation

As of April 2024, Alchemy Pay's ACH token has a circulating supply of 7,501,454,432 coins out of a maximum supply of 10,000,000,000 coins.

Token Utility Allocation (62% Total):

• Enterprise Transaction Rewards (40%): Reserved for rewarding enterprises using Alchemy Pay's payment channels and transaction functions for the sale of goods and services. Rewards are unlocked monthly over 60 months.
• Consumer Transaction Rewards (11%): Allocated for rewarding consumers for transactions conducted through Alchemy Pay's gateways. Rewards are unlocked monthly over 60 months.
• DeFi Transaction Rewards (11%): Reserved for rewarding transactions within the Alchemy Pay DeFi ecosystem. Rewards are unlocked monthly over 60 months.
• Transaction Mobility (6%): Reserved to facilitate timely transfers and usage of ACH, with restrictions on selling into secondary markets without 1-to-1 replacement.
• Enterprise Partners (5%): Reserved for incentivizing early enterprise partners to drive use cases and contribute to the ACH community. Unlocked in stages based on agreed milestones.

Stakeholders Allocation (38% Total):

• Team (18%): Allocated for market expansion and operational growth by the Alchemy Pay team. Unlocked in equal proportions over 36 months.
• Backers (18%): Funds raised for early development, marketing, and operations, with unlocking varying from 8 to 56 months from the date of the first token listing.
• Advisors (2%): Reserved as an incentive for the board of advisors for consultation, industry networking, and other resources. Unlocked in equal proportions over 24 months.^[16][17]

Global Ambassador Program

The Global Ambassador Program, launched on December 08, 2022, seeks crypto enthusiasts to support Alchemy Pay's global growth. Ambassadors represent Alchemy Pay at events, identify partnerships, and engage with communities. Eligible candidates should have basic crypto knowledge and previous community management experience, with fluency in English and local languages preferred.

Ambassadors receive a fixed monthly salary of 200 USDT, plus bonuses for completing tasks. Participation offers opportunities to become industry experts and gain insights into Alchemy Pay's products.^[18][19]