To accelerate its expansion into the Korean market, Alchemy Pay has announced a strategic partnership with DWF Labs, a leading multi-stage web3 investment firm. As part of this collaboration, Alchemy Pay will receive $10 million in funding from DWF Labs to grow its payments business in South Korea, leverage cryptocurrency penetration in the region, and help South Korean companies become bigger and bigger in the process. At the funding stage, Alchemy Pay had an estimated valuation of $400 million.
Alchemy Pay Partners with DWF Labs, Securing $10 Million Funding
Аlchemy Pay has made significant efforts over the years to expand its global footprint and partner with both established local payment channels to enhance its services. The list of partnerships includes Visa, Mastercard, Discover and Diners Club, as well as mobile payment platforms such as Google Pay and Apple Pay, regional mobile wallets and domestic money transfer options.
With over 300 local alternative payment channels, the company’s reach extends beyond traditional credit cards to local mobile wallet options. Alchemy Pay is focused on accessing emerging markets, building extensive coverage areas across Europe, North America, Latin America and Southeast Asia.
In addition to payment services, Аlchemy Pay has also launched an innovative NFT checkout service. The offer will allow the customer to purchase NFTs using fiat payment options, making the process as easy as any other standard online payment. This feature allows users to easily purchase NFTs in their local currency.
“The company is currently well-funded, and we accepted the investment for strategic purposes, specifically to aid Аlchemy Pay in entering the Korean market and expanding its payment services in the region. Korea offers a robust market base where Аlchemy 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.” – stated Robert McCracken, the ecosystem lead of Alchemy Pay.
Andrei Grachev, the Managing Partner at DWF Labs, said, “We are excited to partner with Аlchemy 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 Аlchemy Pay’s growth in Korea, providing more opportunities for businesses and consumers to embrace the benefits of digital assets and web3 technologies.”
About Alchemy Pay
Founded in Singapore in 2018, Alchemy Pay is a payment gateway that seamlessly connects cryptocurrencies and global fiat currencies for businesses, developers and users. The Аlchemy Pay Ramp Solution integrates into platforms and dApps via plugins or APIs to ease the fiat-to-crypto transition. Аlchemy Pay supports payments from 173 countries including Visa, Mastercard, Discover, Diners Club, Google Pay, Apple Pay, popular regional mobile wallets, and domestic transfers with a focus on emerging markets. Its off-ramp feature will be broadcast to users in over 50 local fiat currencies. ACH is the token of Аlchemy Pay network on the Ethereum and BNB chains.
About DWF Labs
DWF Labs is a global leading digital asset market maker and multi-stage web3 investment firm, providing support from token listing to market making to OTC trading solutions. trading entities by volume in the cryptocurrency world through its proprietary technology for high frequency trading. DWF Labs seeks to invest and support bold founders who want to build the future of Web3. It offers consulting, liquidity provision, cybersecurity, smart contract audit processes, debt-financing, treasury management and connections with numerous partners across different verticals.
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