Alchemy Pay, a payment gateway that connects crypto and global fiat currencies for businesses, developers, and users, has partnered with DWF Labs and secured $10m in funding.
DWF Labs is a multi-stage web3 investment firm.
According to Alchemy Pay, the funding which was secured as part of the partnership, will be utilized to expand its payment business in Korea, capitalize on the region’s high level of cryptocurrency acceptance, and assist Korean enterprises in achieving greater internationalization.
Alchemy Pay’s estimated valuation during the funding phase was reported to be $400m.
The company has expended considerable effort over the years to expand its global presence and establish partnerships with both mainstream and local payment channels to improve its services. Its partnership roster includes Visa, Mastercard, Discover, Diners Club, as well as mobile payment platforms like Google Pay and Apple Pay, regional mobile wallets, and domestic transfer options.
Boasting over 300 local alternative payment channels, the company’s reach extends beyond traditional credit cards and into local mobile wallet options. With a strong focus on providing access to emerging markets, Alchemy Pay has established an extensive coverage area encompassing Europe, Northern and Latin America, and Southeast Asia.
In addition to its payment services, Alchemy Pay has also introduced its innovative NFT Checkout service. This offering enables customers to acquire NFTs using fiat payment options, making the process as straightforward as any other standard online payment. With this function, users can easily purchase NFTs using their domestic local currencies.
Robert McCracken, the ecosystem lead of Alchemy Pay, said, “The company is currently well-funded, and we accepted the investment for strategic purposes, specifically to aid Alchemy Pay in entering the Korean market and expanding its payment services in the region.
“Korea offers a robust market base where Alchemy Pay has yet to establish a strong presence, and we aim to establish a solid foothold in the region. By utilizing our payment solutions, more Korean companies can close the division between cryptocurrencies and conventional fiat currencies and to keep pace with global economies.”
Earlier this year, PeopleFund, a South Korean platform that connects borrowers and investors to facilitate lending, added $20m to its $63.4m Series C fund.
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