Alchemy Pay Gearing Up for Expansion into South Korea
Singapore-based payments provider Alchemy Pay has secured $10 million in investment from market maker DWF Labs at a valuation of $400 million, as the company looks to expand its business in South Korea.
Korean expansion
Taking to Twitter, Alchemy Pay stated that it “will continue to enhance [its] global market presence by bringing forward [its] payment solutions and services to the Korean market, providing an easy onboard from fiat to cryptocurrencies for more Korean companies.” It’s understood that the high level of acceptance of digital assets in Korea is attractive to Alchemy as something it can capitalize on.
Alchemy’s Ecosystem Lead, Robert McCracken, stated in a Medium blog article that while this investment was pursued relative to a specific and strategic decision to enter the Korean market, the company is otherwise well funded.
DWF funding spree
DWF Labs’ investment of $10 million in Alchemy Pay marks its eighth investment or funding round of at least $10 million into Web3 and crypto projects in the past six weeks, with a combined total of $165 million.
According to DWF’s managing partner Andrei Grachev, the current bearish market is an opportune time to enter the investment space. Grachev stated to CoinDesk that the company has accumulated enough profits to invest in projects at present.
With offices in Singapore, Switzerland, Hong Kong, the United Arab Emirates, South Korea and the British Virgin Islands (BVI), DWF Labs fits the role of a global multi-stage Web3 investment firm. It collaborates and partners with portfolio companies with regard to activities such as market making, token listing and Over The Counter (OTC) trading solutions.
$ACH boost
Alchemy Pay’s native token, $ACH, has a market capitalization of around $188 million. Buoyed by today’s announcement, the token was trading at $0.03885 at the time of publication. That’s a surge in value in dollar terms of around 16%, although it’s still quite a ways off its all time high of $0.18468, achieved on August 6, 2021, at the height of the last crypto bull run.
In a press release published on Monday, Alchemy Pay described itself as “a payment gateway that seamlessly connects crypto and global fiat currencies for businesses, developers, and users.”
Founded in 2018, the company has previously collaborated with Visa, Mastercard, Google Pay, and Apple Pay for this purpose. Cryptocurrency and derivatives exchange OKX recently integrated Alchemy Pay into its platform, in order to simplify the process of purchasing cryptocurrency using local currencies for its customers.
NFT Checkout
Apart from its payment services, Alchemy Pay has also launched its innovative NFT Checkout service. The service allows customers to purchase NFTs using fiat payment options, making it as easy as any other standard online payment method. This function enables users to acquire NFTs with their local domestic currencies, providing a seamless purchasing experience.
The platform offers over 300 local alternative payment channels, enabling it to extend its reach beyond traditional credit cards into local mobile wallet options. The footprint of the business now extends across Northern and Latin America, Europe and Southeast Asia.
