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Alchemy Pay

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Discover Alchemy Pay's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Alchemy Pay?

Alchemy Pay (ACH) is a cryptocurrency and payment solutions provider that bridges the fiat and crypto economies. It offers a hybrid payment system, allowing merchants and consumers to seamlessly accept and convert between fiat and cryptocurrencies. The ACH token incentivizes the ecosystem, facilitates system access, and governs the network. Alchemy Pay is integrated with various payment platforms, including Shopify, QFPay, and Binance, and supports multiple fiat options like credit cards, Alipay, and WeChat Pay.

How is Alchemy Pay used?

Alchemy Pay (ACH) is a hybrid crypto-fiat payment gateway that combines a smart contract programmable cryptocurrency, online and offline payment terminals, and advanced DeFi features. It allows merchants to accept digital assets in a low-cost and secure manner. Here's how it works:

  1. Merchant Adoption: Merchants can access the Alchemy Pay Dapp to utilize any smart device and save on startup costs. The Dapp features an intuitive interface that puts all the features at their fingertips.

  2. Offline Terminal: There is an offline terminal that enables merchants to take crypto payments even when their internet connection is down. This piece of hardware is exclusive to the network.

  3. ACH Tokens: Users need to hold ACH tokens to interact with the system. These tokens can be staked, traded, used for currency, pledged, rewarded, and used to pay fees. They are ERC-20 compatible and live on the Ethereum blockchain.

  1. Staking: Users can stake their ACH tokens to secure rewards. Staking is a low-risk feature that delivers consistent rewards in ACH tokens.

  2. Payment Process: When a customer pays using Alchemy Pay, the system converts the cryptocurrency into fiat currency at the point of sale, eliminating volatility concerns for merchants. This process takes seconds, and the vendor receives fiat currency.

  3. Global Reach: Alchemy Pay supports fiat-crypto purchases from 173 countries, using methods such as Visa, Mastercard, regional mobile wallets, and domestic transfers. It is available in over 70 countries and can convert crypto into over 300 fiat channels at the point of sale.

Overall, Alchemy Pay simplifies the acceptance of digital assets for merchants, provides low processing fees, and enables traditional investment firms to offer crypto investment services to their clients.

How do I store Alchemy Pay?

To store Alchemy Pay (ACH) tokens, you have several options:

  1. KuCoin Account: You can store your ACH tokens in your KuCoin account, which provides quick access to trading products like spot and futures trading, staking, and lending. KuCoin serves as the custodian, so you don't need to manage your private keys. Ensure you set up a strong password and upgrade your security settings to prevent unauthorized access.

  2. Non-Custodial Wallets: For enhanced security, you can withdraw your ACH tokens to a non-custodial wallet, giving you complete control over your private keys. This includes hardware wallets, Web3 wallets, or paper wallets. Be sure to store your private keys securely to avoid losing your tokens.

  3. Binance Staking: If you hold ACH tokens on Binance, you can stake them to earn passive income. Simply log in to your Binance account, navigate to the Earn section, and select Staking.

  1. Ledger Wallet: As ACH is an ERC-20 token, you can store it on a Ledger wallet using your ETH address.

These options cater to different needs and preferences, ensuring you can manage your ACH tokens securely and conveniently.

How to buy Alchemy Pay?

To buy Alchemy Pay (ACH) tokens, you can follow these steps on various platforms:

Coinbase
  1. Create a Coinbase account: Download the Coinbase app and sign up with a valid ID and proof of address.
  2. Add a payment method: Connect a bank account, debit card, or initiate a wire transfer.
  3. Start a trade: Select "Buy & Sell" on the website or tap the (+) Buy on the Home tab in the app.
  4. Select Alchemy Pay: Search for Alchemy Pay and select it from the list of assets.
  5. Enter the amount: Input the amount you want to spend in your local currency, and the app will convert it to ACH.
  6. Finalize the purchase: Preview the details and confirm your purchase.
KuCoin
  1. Create a KuCoin account: Sign up with your email address, mobile phone number, and country of residence.
  2. Secure your account: Set up Google 2FA, anti-phishing code, and trading password.
  3. Verify your account: Enter personal information and upload a valid Photo ID.
  4. Add a payment method: Add a credit/debit card or bank account.
  5. Buy Alchemy Pay: Use a variety of payment options to buy ACH on KuCoin.
Kriptomat
  1. Create and verify your account: Sign up with Google, Apple, or enter your name and email, then verify your email, phone number, and identity.
  2. Add funds: Make a bank deposit or use your credit card.
  3. Buy Alchemy Pay: Click on the Kriptomat icon, select "Buy," choose Alchemy Pay, enter the amount, and confirm your purchase.
Pionex
  1. Create a Pionex account: Register on the website or download the app.
  2. Pass KYC verification: Complete the Know-Your-Customer process.
  3. Choose your payment method: Select from credit card, debit card, bank wire, or ACH transfer.
  4. Buy Alchemy Pay: Use your chosen method to purchase ACH.

These platforms provide different options to buy Alchemy Pay tokens securely and easily.

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History of Alchemy Pay

Alchemy Pay (ACH) was founded in Singapore in 2018 by Molly Zheng and Shawn Shi. The company aimed to bridge the gap between the cryptocurrency and fiat economies by providing a seamless payment solution for global consumers, merchants, developers, and institutions. The ACH token, native to the Ethereum blockchain, was introduced to facilitate this integration.

Initially, the ACH token was priced around $0.02 when it entered the market in September 2020. However, it soon fell to $0.01 by October 2020 and remained at this level for about 10 months, reaching an all-time low of $0.001338 on July 20, 2021.

A significant turning point came in August 2021 when Alchemy Pay partnered with Binance to create a payment bridge between cryptocurrency and fiat in the Binance wallet. This allowed users to shop at companies like Shopify, Aldo, and Ce La Vi using crypto from their Binance wallet. As a result, the ACH token price surged from $0.004263 on August 2, 2021, to its all-time high of $0.1975 on August 6, 2021, a 4,000% increase in just four days.

After this peak, the price declined, closing August 2021 at $0.09805 and continuing to fall throughout September. However, in early November 2021, the price rose above $0.10 for the first time since August, reaching $0.1197 on November 4, 2021. This growth was largely driven by the rise in Bitcoin prices at the time.

Despite a brief slump due to concerns over the Omicron variant of Covid-19, the ACH token closed 2021 at $0.06356, still significantly higher than its 2020 closing price of $0.003466, marking a 1,000% increase over the year.

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How Alchemy Pay works

Alchemy Pay (ACH) is a hybrid crypto-fiat payment gateway that combines decentralized applications, hardware, and a large community of supporters and merchants. Here's an overview of how it works:

Network Structure

Alchemy Pay operates on the Ethereum blockchain, which provides top-notch security. The network is designed to be highly accessible, inviting developers, crypto-exchanges, e-commerce platforms, payment companies, offline retail merchants, and more to join and expand the user experience and ecosystem.

Payment Process

The payment process involves instant conversion between crypto and fiat currencies. Alchemy Pay uses Chainlink’s Price Feed Oracle to ensure accurate live price information for conversions. This allows for fast and reliable transactions with low fees, typically 70% lower than traditional credit cards. The average transaction settlement period is only one or two days.

POS Terminals

Alchemy Pay provides multiple POS terminals, including online and offline options. Merchants can access the Alchemy Pay Dapp to utilize any smart device, saving on startup costs. The Dapp features an intuitive interface that puts all the features at their fingertips. The offline terminal enables merchants to take crypto payments even when their internet connection is down, ensuring continuous business operations.

ACH Tokens

Alchemy Pay users need to hold ACH tokens to interact with the system. These tokens are flexible and can be staked, traded, used as currency, pledged, rewarded, and used to pay fees. ACH is an ERC-20 compatible token that lives on the Ethereum blockchain, with a total supply of 10 billion tokens.

Staking and Rewards

Users can stake their ACH tokens to secure rewards. Staking is a low-risk feature that delivers consistent rewards in ACH tokens. These rewards can be re-added to the stake to improve future rewards.

Governance and Pledging

The ACH token also plays a crucial role in governance. Each ACH token entitles the owner to vote on key business decisions and protocol changes. Additionally, the pledged ACH can be returned upon cancellation of a partner’s usage of Alchemy Pay or forfeited in case of unfair behavior, providing an incentive for fair and honest behavior.

Global Accessibility

Alchemy Pay supports fiat-crypto purchases from 173 countries, using methods such as Visa, Mastercard, regional mobile wallets, and domestic transfers. It is available in over 70 countries and can convert crypto into over 300 fiat channels at the point of sale.

Overall, Alchemy Pay aims to bridge the gap between the crypto and fiat economies by providing a seamless and secure payment gateway that caters to both individual and institutional users.

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Alchemy Pay's strengths

Alchemy Pay (ACH) has several strengths that contribute to its effectiveness in the crypto-fiat payment space:

  1. Hybrid Payment Gateway: Alchemy Pay provides a hybrid crypto-fiat payment gateway, allowing merchants to accept both digital assets and traditional currencies seamlessly. This gateway is available in over 70 countries and can convert crypto into over 300 fiat channels at the point of sale.

  2. Security: The network is hosted on the Ethereum blockchain, ensuring top-notch security for transactions.

  3. Flexibility: The ACH token, which is ERC-20 compatible, can be staked, traded, used as currency, pledged, rewarded, and used to pay fees. This flexibility makes it a versatile tool within the Alchemy Pay ecosystem.

  1. Low Transaction Fees: Alchemy Pay's technical structure enables it to provide very low processing fees compared to centralized competitors, making it an attractive option for merchants.

  2. Institutional Investment: The platform allows traditional investment firms to offer crypto investment services to their clients, increasing institutional participation in the blockchain sector.

  3. Volatility Protection: Alchemy Pay's system converts crypto directly into fiat currency at the point of sale, eliminating the risks associated with crypto market volatility.

  1. Global Partnerships: The network has secured significant partnerships, such as with NIUM, a global payments network covering over 190 countries, expanding its reach and capabilities.

These strengths position Alchemy Pay as a comprehensive solution for merchants and users looking to bridge the gap between the fiat and crypto economies.

Alchemy Pay's risks

Alchemy Pay (ACH) is associated with several risks that investors should be aware of before investing. These risks include:

  1. Volatility Risk: ACH's value can fluctuate significantly due to market conditions, making it a high-risk investment.

  2. Liquidity Risk: The liquidity of ACH can be low, making it difficult to buy or sell the token quickly.

  3. Short History Risk: ACH has a relatively short history, which can make it harder to predict its future performance.

  1. Demand Risk: The success of ACH depends on its adoption by merchants and card issuers, which is uncertain.

  2. Forking Risk: ACH is susceptible to forking, which can lead to the creation of new tokens and potentially affect its value.

  3. Code Defects: ACH's code can contain defects that can compromise its security and functionality.

  1. Regulatory Risk: Changes in regulatory environments can negatively impact the use and value of ACH.

  2. Electronic Trading Risk: Trading ACH electronically can be risky due to potential technical issues or security breaches.

  3. Cybersecurity Risk: ACH is vulnerable to hacking and other cybersecurity threats, which can result in significant losses.

  1. Competition Risk: The global remittance space is highly competitive, and ACH's success depends on its ability to compete effectively.

  2. Lack of Disclosure: The ACH community and its founding team are not obligated to disclose material information to the public, which can make it difficult for investors to make informed decisions.

  3. No Recourse: Holders of ACH have no legal recourse if the token declines in value for any reason.

These risks highlight the importance of thorough research and risk assessment before investing in ACH or any other cryptocurrency.

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Alchemy Pay's ecosystem

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Alchemy Pay’s team

Here is the team behind Alchemy Pay (ACH):

  • Molly Zheng: Co-founder of Alchemy Pay, previously a senior consultant at PayPal China and worked for HSBC China and Mastercard China.
  • Shawn Shi: Co-founder of Alchemy Pay, former executive of many listed companies and a partner of famous investment funds.
  • John Tan: Chief Executive Officer.
  • Liang Chuan: Chief Technical Officer.
  • Train Luo: Responsible for strategy and talent.
  • Karmen Tang: Leadership team member.
  • Robert McCracken: Leadership team member.
  • Gibbs: Leadership team member.
  • Russ Fischer: Leadership team member.
  • Jamie Goh: Leadership team member.
  • Sean Chen: Employee.
  • Andy Ng: Employee.
  • Harlan Han: Employee.
  • Nicholas Wang: Employee.

Please note that the list might not be exhaustive, as the sources provided do not cover all team members.

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The fundamental analysis assistant for crypto value investors.

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