Alchemy Pay announced a strategic partnership with DWF Labs – which is a multi-stage web3 investment firm. Through this partnership, Alchemy Pay is expanding into the Korean market and they have secured $10 million in funding from DWF Labs. This funding will be used for expanding its payment operations in Korea and they will capitalize on the high level of cryptocurrency acceptance in Korea along with assisting Korean enterprises in achieving greater internationalization. Following this round of funding, Alchemy Pay has achieved a valuation of $400 million.
Alchemy Pay 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. And its partnership roster includes Visa, Mastercard, Discover, Diners Club, and mobile payment platforms like Google Pay and Apple Pay, regional mobile wallets, and domestic transfer options. With over 300 local alternative payment channels, Alchemy Pay’s reach extends beyond traditional credit cards and into local mobile wallet options. Plus with a strong focus on providing access to emerging markets, Alchemy Pay established an extensive coverage area encompassing Europe, Northern and Latin America, and Southeast Asia.
Along with its payment services, Alchemy Pay has also launched an innovative NFT Checkout service. This service enables customers to buy NFTs using fiat payment options, making the process as straightforward as any other standard online payment. And with this function, users can purchase NFTs using their domestic local currencies.
KEY QUOTES:
“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.”
— Robert McCracken, the ecosystem lead of Alchemy Pay
“We are excited to partner with Alchemy Pay as they continue their global expansion journey, particularly in the Korean market. Their innovative payment solutions and commitment to bridging the gap between cryptocurrencies and traditional finance align with our vision for a seamlessly integrated digital economy. We believe this strategic partnership will accelerate Alchemy Pay’s growth in Korea, providing more opportunities for businesses and consumers to embrace the benefits of digital assets and web3 technologies.”
— Andrei Grachev, the Managing Partner at DWF Labs
