Singapore’s Alchemy Pay nets $10m for South Korean expansion

Alchemy Pay
Alchemy Pay

Alchemy Pay has teamed up with DWF Labs, a well-known multi-stage web3 investment firm, to enter the Korean market.

As part of the deal, DWF Labs has invested $10 million in Alchemy Pay to help the payment gateway expand its operations in Korea, where there is a high level of cryptocurrency acceptance.

This move is also aimed at assisting Korean firms in achieving greater internationalization. During the funding phase, Alchemy Pay was valued at around $400 million.

Over the years, Alchemy Pay has worked hard to expand its global presence and establish partnerships with mainstream and local payment channels, including Visa, Mastercard, Discover, Diners Club, Google Pay, Apple Pay, regional mobile wallets, and domestic transfer options.

The company boasts over 300 local alternative payment channels, extending beyond traditional credit cards and into local mobile wallet options.

With a focus on providing access to emerging markets, Alchemy Pay has a broad coverage area encompassing Europe, Northern and Latin America, and Southeast Asia.

Apart from payment services, Alchemy Pay also offers an innovative NFT Checkout service that allows customers to buy NFTs using fiat payment options.

The process is as straightforward as any other standard online payment, making it easy for users to purchase NFTs using their domestic local currencies.

Robert McCracken, Alchemy Pay’s ecosystem lead, said that the investment from DWF Labs was strategic, aimed at helping the company enter the Korean market and expand its payment services in the region.

Korea is a promising market for Alchemy Pay, and the company aims to establish a solid foothold in the region by utilizing its payment solutions. This will enable more Korean companies to bridge the gap between cryptocurrencies and traditional fiat currencies, keeping pace with global economies.

Andrei Grachev, the Managing Partner at DWF Labs, expressed excitement at partnering with Alchemy Pay as the company continues its global expansion journey, particularly in the Korean market.

He believes that Alchemy Pay’s innovative payment solutions and commitment to bridging the gap between cryptocurrencies and traditional finance align with DWF Labs’ vision for a seamlessly integrated digital economy.

This strategic partnership is expected to accelerate Alchemy Pay’s growth in Korea, providing more opportunities for businesses and consumers to embrace the benefits of digital assets and web3 technologies.

Founded in Singapore in 2018, Alchemy Pay is a payment gateway that connects crypto and global fiat currencies for businesses, developers, and users. Its Alchemy Pay Ramp Solution is integrated with platforms and dApps, providing an easy onramp from fiat currency to crypto.

The company supports payments from 173 countries and offers offramping capability remitting to users in 50+ local fiat currencies. The Alchemy Pay network token on Ethereum and BNB Chain is ACH. –