Direct Fiat On-Ramps Come to Algorand (ALGO) via Alchemy Pay (ACH)
Algorand , the layer-1 blockchain for decentralized and traditional finance, has added direct fiat payment channels into their network, thanks to a new integration with 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.
The cooperation between Alchemy Pay and Algorand is a natural match as both are focused on bringing traditional finance together with decentralized, blockchain finance. As a pure-proof-of-stake platform, Algorand is among the most efficient networks in terms of energy usage, which has appealed to environmentally conscious investors. Algorand was founded by MIT professor, Silvio Micali.
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.
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. The mission of Algorand has always been empowering the traditional finance system as well as developing the web3 era. 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.