10 January 2022, Singapore: Owing to a device connected with Alchemy Pay, Algorand (ALGO), the layer-1 blockchain for decentralized and conventional finance, has provided direct fiat payment channels to their network (ACH). Alchemy Pay, a payment solutions provider that bridges fiat with cryptocurrency currencies, has added Algorand’s $ALGO token to its worldwide merchant network, which now accepts payments in 65 countries. Algorand has also joined the Blockchain Infrastructure Association, which had been founded by Alchemy Pay, NEO, NEAR, and Polygons in November.
Algorand will be able to enroll users using fiat transaction methods such as Visa, Mastercard, PayPal, and numerous more particular payment channels throughout the world thanks to the connection with Alchemy Pay.
Our potential to bring fresh people into the Algorand ecosystem via these conventional money transfers would promote acceptance by removing the intricacies of cryptocurrency assets, which could be a hurdle to the entrance for very some.
Alchemy Pay and Algorand are a logical fit because both are focused on bringing traditional financial plus decentralized, blockchain finance combined. Algorand, as a pure-proof-of-stake platform, is one of the most energy-efficient networks, that have attracted ecologically conscientious investors. Silvio Micali, an MIT professor, invented Algorand. Prof Micali is a laureate of the prestigious Turing Award for comp sci, but his research has had a significant influence on the symmetric encryption community.
Its ALGO cryptocurrency may be used for business-to-business or customer-to-business payments internationally and without borders once it is integrated into Alchemy Pay’s crypto-fiat trading platform. Alchemy Pay’s payments system aims to increase crypto acceptability by providing low costs and quick settlements with a programming platform that doesn’t require any extra equipment. Whenever ALGO is being used to pay for goods or services on the Alchemy Pay network, it is instantly converted to fiat money for business associates’ comfort.
“Their payments system allows ALGO widespread usage as a commodity worldwide,” said John Tan, CEO of Alchemy Pay.
Algorand, such as us, has committed to the development of decentralized money, and we’re excited to be able to enable Algorand users effortlessly transition between blockchain and non-blockchain currencies.”
Alchemy Pay co-founded the Blockchain Infrastructure Alliance in October of this year, and Algorand becomes a membership. The alliance brings together industry leaders, inventors, and financiers to advance decentralized banking and other decentralized projects by fostering collaboration across all aspects of blockchain technology. Algorand will join several top DeFi projects as a founding member, furthering BIA’s goal of creating a somewhat more united and powerful cryptocurrency sector.
“Algorand has well acknowledged as the answer for a decentralized, protected, and scalable Layer 1 blockchain,” Haichao Zhu, Algorand’s Head of Developer Advocate, said of the integration. Algorand’s objective was to strengthen existing financial systems while also advancing the modern web service age. This connection into Alchemy Pay would enable us to grow our ecosystem yet farther, allowing for more dynamic and distributed scenarios and bringing innovation into everybody’s everyday routines.”
Alchemy Pay is a supplier of unified fiat and cryptocurrencies portal services for merchant networks, developers, and financial institutions, enabling seamless crypto and fiat acceptance. The culture encourages blockchain adoption by making cryptocurrency investing, commercial transactions, and DeFi services available to individuals and businesses in the fiat market. Leveraging relationships alongside market titans including Binance, Shopify, Arcadier, QFPay, and others, Alchemy Pay now covers over 65 countries with 200 payment channels and has touchpoints with over 2 million businesses.
The Algorand Foundation is committed to realizing the worldwide potential of distributed ledger technologies by utilizing the Algorand protocol and open-source software, which was created by Silvio Micali and a group of outstanding researchers. The Algorand Foundation has a vision for an inclusive ecosystem that allows everyone to benefit from the promise of an egalitarian and genuinely international society. Its key principles include the construction of an honest, accessible, but permissioned cryptocurrency.
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