As the news broke across mainstream media that PayPal will issue its own dollar-pegged stablecoin, we pose the question – could Alchemy Pay be the PayPal of Web3 payments? Here, we look into the potential for growth of this rapidly expanding payment network that is leading the way in bridging the fiat and crypto economies.
The Singapore and European-based firm has been perfecting its fiat-crypto payment services since 2017 and already enables people in 173 nations to move funds between local currencies and cryptocurrencies, like stablecoins, with the minimum of fuss and cost. The Alchemy Pay ACH token has a circulating market cap over $100M, just 1/700th of PayPal and 1/4900th of Visa’s market cap.
“Alchemy Pay’s growth in the future is unlimited”
- Harvard Business Review, 2023
Payments are still the most exciting area of blockchain technology due to the potentially superior speed, cost and inclusivity of crypto. PayPal says their customers will be able to transfer the forthcoming PYUSD stablecoin between their wallets and external wallets, send payments to friends and family and make purchases online. They can also convert PayPal USD into and out of the other digital tokens supported by the payments company, which include bitcoin and ether.
As a payment gateway service that launched its first crypto payment service for merchants in 2019, Alchemy Pay is well aware of the benefits crypto offers and has been helping global users to buy and sell digital assets easily, almost anywhere in the world. After all, Alchemy Pay’s founders are fintech experts who hail from tradfi giants like Mastercard, HSBC, AliPay, and yes, PayPal too!
The excitement around Alchemy Pay’s ACH hit fever pitch in January and February this year with the news that Alchemy Pay became a Visa Official Service Provider, added support for Apple Pay and Google Pay, and a host of local mobile wallets and domestic bank transfers around the world. Clients, partners and investors all recognised the significance of the Forbes ‘Web3 Innovation Pioneer’ award, and were equally impressed by the token’s performance – $ACH was a Crypto Top Gainer multiple times in the first months of 2023.
It is for good reason that the Harvard Business Review recently referred to them as a “Crypto Payment Ecosystem Pioneer” and concluded by claiming “Alchemy Pay’s growth in the future is unlimited”.
PYUSD will be available first on PayPal and then on Venmo, and can be exchanged for U.S. dollars at any time. So too though, can any token – not just stablecoins – via Alchemy Pay’s on & off-ramp plugin, hosted on hundreds of major layer-1 networks and Web3 platforms. The payment gateway is able to go further than PayPal by allowing people around the world to use local methods like bank transfers and mobile wallets.
Not everyone, and in particular, those in emerging markets in Africa, Asia, and Latin America have access to PayPal whereas moving funds in and out of crypto is possible almost globally via Alchemy Pay. Former Barack Obama White House advisor David Plouffe, now Global Strategist at Alchemy Pay, spoke on the subject with Coindesk recently:
“Listen, there are unbanked people in Western Europe. There are unbanked here in the United States. And you look at Latin America, Africa and some countries in Asia where crypto usage is skyrocketing. For the unbanked, pretty much everyone has a phone. So they have the ability, in seconds, to move money. There are still a lot of remittances happening around the globe, and this [cryptocurrency and blockchain technology] makes that more secure. It’s more speedy. It’s done less expensively.”
While PayPal’s stablecoin is another powerful sign of crypto crossing over into mainstream global finance, Alchemy Pay has already been supporting people to move their funds cheaply and easily between friends, family and businesses for a number of years. Crypto payments for merchants, on & off-ramps, a white label crypto-funded Mastercard, and an NFT checkout demonstrate the diversity of services that it offers. Looking around for the next big thing in Web3 payments, it is hard to look beyond Alchemy Pay.
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Try our On & Off Ramp to buy and sell crypto and local fiat currencies today
Enquiries for Plugin & API Integration
Developers of Web3 platforms, and dApps with interest in integrating Alchemy Pay’s ramp solution can contact via email ramp@alchemypay.org or the website https://alchemypay.org/contact
