Singapore’s Alchemy Pay, a provider of payment solutions, has announced a strategic alliance with DWF Labs, a well-known multi-stage web3 investment company, in order to facilitate its entry into the Korean market.
Alchemy Pay said in a statement on Monday that it has received $10 million in funding from DWF Labs as part of this partnership. The money will be used to grow its payment business in South Korea, take advantage of the area’s high level of cryptocurrency acceptance, and help Korean businesses become more globally competitive.
During the funding phase, Alchemy Pay was reportedly valued at $400 million.
“The company is currently well-funded, and we accepted the investment for strategic purposes, specifically to aid Alchemy Pay in entering the South Korean market and expanding its payment services in the region,” said Robert McCracken, the ecosystem lead of Alchemy Pay.
He also mentioned how promising of a market South Korea is for Alchemy Pay.
“South 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 keep pace with global economies,” he added.
Alchemy Pay is a payment gateway for companies, developers, and users that links cryptocurrency and various fiat currencies. It was established in 2018.
The Alchemy Pay Ramp Solution integrates with platforms and dApps via plugins or APIs to offer a simple onramp from fiat money to cryptocurrency.
With a focus on emerging markets, Alchemy Pay supports domestic transfers and payments from 173 countries using Visa, Mastercard, Discover, Apple Pay, Google Pay, and popular regional mobile wallets.
Over the years, Alchemy Pay has made a significant effort to broaden its geographic reach and forge alliances with both international and regional payment channels in order to enhance its services.
With more than 300 local alternative payment channels, the business’s reach goes beyond conventional credit cards to include regional mobile wallet options.
Alchemy Pay has created a wide coverage area that includes Europe, North and South America, and Southeast Asia, with a strong emphasis on opening up access to emerging markets.
