Why Is Alchemy Pay Up Over 10000% Over the Last 14 Days?

Alchemy Pay’s native token, $ACH, has been attracting a lot of attention with its listing on Coinbase Pro and the strategic partnership with Binance.

By
Chung Yee
on
August 8, 2021
Category:
Blockchain News

$ACH Charting New Heights

Alchemy Pay is seeing a flurry of interest in its native token $ACH. The token rose from 0.0015 on July 25 to reach its all-time high of 0.1987 on August 6. 

Two major news pieces can be attributed to the sudden increase in price: first, the $ACH listing on Coinbase Pro on August 3, and secondly, a strategic partnership with Binance. $ACH reached an all-time high price of 3 days later, August 6. Coinbase listings have always been a catalyst for a price surge as it signifies mainstream recognition. 

This price boost was referred to as the ‘Coinbase effect,’ in an article by Decrypt. This kind of price spike is often unsustainable as interest starts to wane.
Source: $ACH saw a sudden increase in trading volume and a massive spike in price lately.

Alchemy Pay’s latest addition to its list of partners is Binance. Through Alchemy Pay, users on Binance Pay have a seamless payment solution that bridges crypto to fiat.

Binance is the leading crypto exchange in the world, with approximately $28.22 billion in daily traded volume. This partnership gives Alchemy Pay an edge by leveraging the huge user base of Binance. 

Alchemy Pay is a Singapore-based payment gateway solution provider that allows for a hybrid fiat-crypto bridge. The company has a presence in 65 countries and more than 300 fiat and crypto payment channels. The company has been making significant strides with partnerships as of late. 

Source: Alchemy Pay is supported in 65 countries and it has over 300 payment gateways

A Flash in the Pan? 

There may be more than just pure speculation that resulted in the recent price surge. Alchemy Pay has an impressive list of strategic partners, which includes Shopify and Arcadier. With over 100 strategic partners and developers they are doing well.

Shopify recorded a revenue of $2,929.5 million in 2020, an increase of 86% from the preceding year. Arcadier is a Software-as-a-Service (SaaS) platform company based in Singapore. The Arcadier solution allows for its users to create their marketplace. 

Alchemy Pay also recently announced its latest partnership with MEXC Global, a European crypto exchange. The exchange will integrate the hybrid crypto-fiat payment gateway on MEXC. Users can directly deposit fiat into MEXC exchange using credit cards or debit cards. 

The benefits between MEXC and Alchemy are symbiotic. The exchange benefits as investors find it easier to venture into the crypto world, and it also increases the use case for its $MX token.

Users can pay the merchants and partners’ network through Alchemy Pay using the exchange’s native token or other supported crypto assets. 

Understanding the Utility Behind Alchemy Pay

The value proposition that drives Alchemy Pay is providing a second-layer solution with zero block confirmation for Bitcoin and Ethereum. Zero block confirmation enables cryptos with longer block time to be expedited within seconds to securely process payments.

The Alchemy Pay platform also allows for cross-chain lightning payment using Atomic Swap. The Alchemy consensus payment protocol can be implemented into any public network, making adaptation a seamless process. 

Companies such as Paypal have been reluctant to accept crypto payments. Paypal, through its ‘Checkout with Crypto’ functionality, is now able to accept crypto. Users will dictate the direction of the market when it comes to payment solutions. 

Alchemy Pay’s hybrid fiat-crypto payment system is promising, and it appears that there is still a lot of room for growth as it provides a real-world solution. The problem with crypto assets as a mode of settlement has always been the speed of confirmation and the volatility. Alchemy Pay provides the solution.  


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Chung Yee

Chung Yee has a legal background and has been involved in research works for the legal and compliance industry. Writing is his passion, centered on topics such as the blockchain and finance. His largest crypto holdings are Solana, Ethereum, and BNB Token.

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