The funding comes from DWF Labs, its eighth investment of $10 million or more in the past six weeks.
Alchemy Pay Raises $10M at $400M Valuation to Push South Korean Expansion Plans
Alchemy Pay, a payments service provider based in Singapore, has received a $10 million investment from marketplace maker DWF Labs at a valuation of $400 million as it plans to expand its operations in South Korea. The company provides crypto companies with a way to access the fiat payment system, aiming to take advantage of the “high level of crypto adoption” in South Korea and help local businesses achieve greater internationalization.
It already works with Visa, Mastercard, Google Pay and Apple Pay for this purpose. Cryptocurrency exchange OKX plugged Alchemy Pay into its platform to make it easier for customers to buy crypto using their local currencies. The $10 million investment in Alchemy Pay continues DWF Labs’ string of major investments in recent weeks. The market maker has now named eight investments or funding rounds worth at least $10 million in crypto and Web3 projects in the past six weeks. Total reached 165 million USD.
“The current bearish market is the best time to join the investment space. We accumulated enough funds from our profits to invest in projects now.” – DWF’s managing partner Andrei Grachev explained.
It is worth noting that Alchemy Pay’s native token, ACHP, has a market capitalization of just over $180 million.
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