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Alchemy Pay, a crypto payment provider based in Singapore, has revealed its intention to introduce Alchemy Chain, a Layer-1 blockchain constructed on the Solana Virtual Machine (SVM).
As stated in the company announcement dated October 28, Alchemy Pay aims to facilitate the integration of crypto and fiat payments with the new blockchain by providing a highly scalable infrastructure and enhanced security features.
Unveiling launch plan for #AlchemyChain, an ultra scalable Layer-1 blockchain designed to unite fiat and crypto in a frictionless payment system.
High-scalability adopts SVM
Innovative Trusted PoA security
$ACH & fiat supported for gas fees
On-chain earnings to fiat… pic.twitter.com/sCgdIhAelG
— Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) October 28, 2024
Innovative Trusted PoA security
On-chain earnings to fiat… pic.twitter.com/sCgdIhAelGA Scalable Blockchain for Seamless Crypto Transactions
Alchemy Chain will facilitate smooth interactions between blockchain transactions and off-chain storage, simplifying operations for businesses in both the crypto and fiat sectors.
The press release indicates that the blockchain’s Trusted Proof-of-Authority (TPoA) system will guarantee transaction integrity and speed, while its Layer-2 solutions will enhance scalability and efficiency.
ACH, Alchemy’s native token, will serve as the utility token for Alchemy Chain, enabling users to cover gas fees and utilize various functionalities.
The platform is also poised to implement a stablecoin revenue mechanism, allowing users to earn yields on their assets.
Alchemy Pay Expands its Partnerships
Furthermore, Alchemy Pay intends to venture into the meme coin sector with tools such as a meme launchpad and a Meme Telegram bot. These resources will assist developers in creating and launching meme-oriented projects on the forthcoming chain.
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In 2023, the company incorporated Apple Pay into its fiat-to-crypto on-ramp, enabling users to acquire crypto via their Apple devices.
In June, Alchemy Pay formed a partnership with Scroll, a Layer-2 Ethereum scaling solution. This collaboration allows users to access stablecoins Tether (USDT) and USD Coin (USDC) through Alchemy Pay’s platform, which currently accommodates over 50 fiat currencies.
In October, Alchemy Pay also linked its virtual card with Samsung Pay, Samsung’s contactless payment solution, permitting cardholders to utilize their crypto assets at millions of locations.
Crypto payment provider @AlchemyPay now allows users to spend their crypto holdings at millions of locations using Samsung Pay.#CryptoAdoption #CryptoPaymentshttps://t.co/jP639nmzi5
— Cryptonews.com (@cryptonews) October 8, 2024
A Bold Move
Alchemy Pay stands out as one of the few entities in the crypto sector to announce plans for an independent Layer-1 chain.
This move aligns with a trend among significant crypto firms launching their own blockchains to enhance scalability, security, and user experience; however, most of these other blockchains are primarily Layer-2s built atop existing Layer-1 blockchains like Ethereum.
In October, Uniswap, the largest decentralized exchange (DEX), disclosed its plans for UniChain, a Layer-2 network based on Ethereum.
In 2023, cryptocurrency exchange Coinbase introduced Base, a Layer-2 network based on Ethereum, which has since emerged as a leading player among Layer-2 chains.
The post Alchemy Pay To Launch Scalable Layer-1 Blockchain for Payments appeared first on Cryptonews.
