Alchemy Pay is a payment solutions provider founded in Singapore in 2017. It focuses on bridging the gap between crypto and other Web3 services and fiat payment methods for seamless transactions.
With services extending to 173 countries, offering on/off ramp payment, a Web3 digital bank, crypto cards, and NFT checkouts, it strives to make it easier to invest in promising digital tokens, play casino games with USDT stablecoin, shop with Bitcoin on e-commerce stores, and do a whole lot more with crypto. For example, players can already gamble online very easily with the Telegram app, and many of these Telegram-friendly casinos accept USDT. According to Kane Pepi, some of these platforms even offer players more than 3000 games, so the ways to spend your USDT are virtually endless. What’s more, Alchemy Pay’s virtual card is accepted anywhere that accepts Visa and Mastercard, so you can pay with it almost anywhere.
The Announcement
This crypto juggernaut announced through a post on Thursday, June 6th, 2024, that it has successfully integrated Tether’s stablecoin, USDT, on the TON network (The Open Network), which is a blockchain network infused with the popular messaging app Telegram. This move by Alchemy Pay will help improve the experience of millions of users on Telegram Messenger. Adding USDT to TON’s Layer-1 blockchain and Alchemy Pay’s payment ramp will also increase the relevance of TON’s eco space in the crypto industry.
USDT Token is new to the TON blockchain, having been added earlier this year in an expansion move by Tether. Tether’s USD-pegged token will feel right at home, with other tokens, Toncoin and Notcoin, being popular examples. The goal is to create a robust crypto community on Telegram Messenger’s base where each user can own a digital identity and assets on the blockchain, making the messaging app quite convenient as a payment system.
This quote from Justin Hyun, the Head of Incubation at TON Foundation, captures what the TON network is trying to achieve by creating a space where users can facilitate all types of crypto transactions seamlessly. It reads:
“The integration of Toncoin on the Alchemy Pay service marks an important step forward as our native digital token joins the ranks of the preeminent cryptocurrencies in the space. Reliable fiat-to-crypto on-ramps are vital for onboarding new users into the burgeoning blockchain space.”
USDT has now become one of the tokens being used by Alchemy Pay. Many people in the crypto community will celebrate it as the most versatile stablecoin, having been in the market since 2014. It has held the most relevance since its adoption, with a whopping market capitalization of $112.4 billion today. It is not a sole contributor, but the wide adoption of USDT has greatly facilitated transactions at the best online casinos, banks, stores, and other enterprises.
900 MIllion Active Telegram Users
With 900 million active users on Telegram Messenger, it was a no-brainer and a very lucrative opportunity for USDT and other tokens to be a part of the TON Network. Part of the highlights of this network is its scalability and the ability to handle more transactions than most blockchain networks. TON is also actively working on cross-chain interoperability, which makes it more alluring for growing cryptos and enterprises, constantly attracting whales in the industry, such as Alchemy Pay.
Robert McCracken, the Ecosystem Lead at Alchemy Pay, had this to say about how their newest union aims to connect Telegram users to the financial world from their favorite messaging app:
“Through this integration, it allows us to offer TON’s users a smooth and effortless way to enter the world of cryptocurrency. Our unwavering mission has been to provide seamless access to the benefits of cryptocurrency for all individuals and connect everyday people to crypto.”
There is a lot of buzz around Alchemy Pay’s integration because it is considered TON’s “first truly significant and practical use case in cryptocurrency.” This partnership is potentially rewarding for TON Blockchain and Alchemy Pay.
Growing the TON Network
However, Alchemy Pay’s alliance with the TON blockchain network goes beyond satisfying the current users on Telegram. TON hopes to grow its crypto space by incorporating ideas and working with other establishments that can help its advancement. TON reduced its transaction fees by 2.5x in April in an attempt to attract more users to its space, and numbers indicated a 110% increase in wallet users following the reduction. Access to a well-developed payment gateway like Alchemy Pay will make the TON space even more attractive. The TON ecosystem hopes to safely onboard a large number of global users through this merger.
Alchemy Pay can maintain such a sturdy bridge between crypto and local payment methods because of its relevance within and outside the crypto space. Alchemy Pay is well invested in traditional payment methods, which is why Visa and Mastercard authorize it as a third-party service provider. Alchemy Pay offers 50 local currencies, 300 fiat payment channels, and tokens on multiple blockchain networks, thanks to partnerships with Avalanche, OKX, Polygon, Binance Pay, and more.
A contributing factor to Alchemy Pay’s triumphs in recent projects is its team. Its team has extensive knowledge in digital and traditional finance payments, giving them an edge against the competition. This team has worked alongside several giants in the crypto industry, making it well-versed in the crypto world as well.
Similar Scroll Integration
Alchemy Pay recently made a move similar to its USDT on TON integration with Scroll, incorporating both USDT and USDC from its blockchain network. The Scroll network is a layer-2 blockchain quite different from TON. However, its integration still expands and increases accessibility to Alchemy Pay’s services. We can look forward to more moves like this from Alchemy Pay soon.
Besides providing access to popular tokens on various networks, Alchemy Pay also offers its own token, ACH, on the Ethereum blockchain. ACH was launched in 2020 and has a market capital of over $130 million today, with a maximum supply of 10 billion tokens. ACH provides flexibility through its hybrid system since it can be used as both a fiat and a crypto payment option. ACH is listed on widely used exchange platforms like Binance, Coinbase, Huobi, MEXC, Gate, and Uniswap.
Alchemy Pay’s integration of USDT on TON will indirectly benefit growing cryptos on the TON network. The link to a solid financial bridge like Alchemy Pay through the TON network brings much-desired accessibility to these rising tokens as well. Telegram is becoming more of an influential space in growing new cryptocurrencies even before their official release, and many of these tokens are being introduced to the market on the TON chain. Alchemy Pay has made it easier for users to get their hands on these coins by improving accessibility to the TON network, where they can find these tokens.
Alchemy Pay’s on-ramp solutions could also be a factor driving TON’s growth. The on-ramp service allows users to buy digital assets directly with a preferred traditional method of payment. It is particularly suitable for beginners or users who have no prior investments or assets to exchange. Many crypto platforms offer on-ramp services, but they don’t rival the cheap, global, and versatile service that Alchemy Pay offers.
