Alchemy Pay ($ACH) is leading the Chinese coin rally. And data suggests Alchemy Pay prices can go much higher throughout 2023. They are collaborating with the likes of Binance, Visa, MasterCard, and PayPal to provide crypto and fiat payment services. In this article, we will explain what Alchemy Pay is, and why $ACH should be on your 2023 watch list.
What is Alchemy Pay?
Alchemy Pay provides real-world crypto payment solutions and fiat on/off ramps for global businesses, developers, and consumers. One key problem in the current blockchain payment landscape is the lack of integration between traditional financial systems and cryptocurrencies. The project aims to address this by incorporating a hybrid solution. The solution is to (1) simplify the use of crypto to access traditional financial services; and (2) have fiat currency access blockchain services and value.
This will be huge for driving crypto adoption, as it is essentially a network system that allows cross-platform payments. For example, users can use their credit cards to make payments in fiat currencies. Their payment gateway converts this into crypto. This allows users to make credit card purchases while benefiting from the advantages of cryptocurrency. Such as faster and more secure transactions.
Payment Channels and Strategic Partners
Alchemy Pay already has a global reach of 173 countries and over 300 fiat payment channels. These include Visa, Mastercard, Apple Pay, Google Pay, regional mobile wallets, and domestic bank transfers. They also have a massive network of strategic partnerships with many major blockchain networks and services. For example Polygon, Chainlink, Arbitrum, Coinbase, and Bybit.
Who is the Team behind Alchemy Pay?
In 2018, Molly Zheng and Shawn Shi established Alchemy Pay in Singapore. Both founders have extensive backgrounds in the financial sector. Zheng previously held the position of senior consultant at PayPal China, and also worked for HSBC China and Mastercard China. In 2021, Zheng was appointed Chairwoman of Alchemy Pay’s Board and was succeeded as CEO by John Tan, the then-COO. Tan was responsible for driving the growth of the project’s payment business. He did this by securing the company’s initial base of merchant networks across Asia. Their team now boasts over 80 members who have deep experience across the blockchain and payments industries.
The “China Coin” Narrative in 2023
A growing number of Twitter crypto experts predict a surge in the value of “Chinese coins” in the near future. The easing of regulations in Hong Kong and the potential for quantitative easing in China largely attribute to this. We also see a correlation between massive liquidity injections by the People’s Bank of China (PBoC) and an increase in the overall market cap of crypto.
Furthermore, the announcement of a new licensing regime for Virtual Asset Service Providers (VASP) in Hong Kong has generated public interest in Chinese cryptocurrencies. Even though this licensing regime will not have a direct impact on retail buyers. However, both these catalysts may not have as significant of an impact as anticipated. The uncertainty of the actual size of the monetary easing and the lack of a well-defined concept of a “Chinese coin” remain.
People are still interested in taking advantage of any potential mini-rally despite these uncertainties. And are actively searching for investment opportunities. Whilst $ACH still has a small market cap, but with strong connections and established infrastructure, it could become a leading contender in China this year.
Alchemy Pay news
On 23rd February 2023, Alchemy Pay announced its partnership with Conflux Network. Conflux Network is a permissionless Layer 1 blockchain which connects decentralized economies across borders and protocols. Through this partnership, Alchemy Pay would be able to have an easy fiat on-ramp onto its ecosystem. This on-ramp payment solution will allow people to buy crypto using their local currency, which will give Conflux’s system a higher level of convenience for both beginners and experienced users. By working together, Alchemy Pay will help Conflux expand its reach around the world. Now with 2 of China’s hottest projects joining forces, we will hopefully see a massive boost for both Alchemy Pay and Conflux’s tokens.
Alchemy Pay $ACH Token and Price Prediction for 2023
$ACH is the utility token of Alchemy Pay, issued on the Ethereum blockchain as an ERC-20 token. There is a total circulating supply of 4 billion $ACH. Its primary use is for its partners to pledge their $ACH as an intermediate settlement currency between token payment networks. Also, as a medium for transaction fees. Alchemy Pay coin is required for every transaction. But, businesses and merchants within the network receive $ACH incentives for accepting crypto as payment at their point of sale.
As of 20th February 2023, we can see from the price chart that $ACH price is gaining a momentum. There has been a 142.1% increase over the past seven days. Technical indicators do show that $ACH is overbought. But its long-term 50 & 200 daily moving average crossover indicates a bullish trend. This suggests that $ACH is likely to continue its uptrend. The pump to $0.041 at the time of writing is partly attributed to news of them partnering with Google Pay. Provided they expand their infrastructure and build more connections, $ACH could deliver strong returns in 2023.
Frequently Asked Questions (FAQs)
Alchemy Pay is a blockchain and cryptocurrency project which aims to provide real-world crypto payment solutions and a fiat on/off ramp for global businesses, developers, and consumers.
Alchemy Pay is a good coin with potential. $ACH is currently at US$0.050599 and its all-time high price was $0.198666. It is currently ranked number 177 amongst all cryptocurrencies in terms of market capitalization.
Alchemy Pay’s $ACH token is also very popular among Chinese cryptocurrency investors. As with any investment, it is important to do your own research and consider the potential risks before investing in Alchemy.
Alchemy Pay does have potential since the Chinese cryptocurrency community views the project so favourably. Also, the Chinese crypto narrative is seen as a huge trend this year, which will certainly give Alchemy Pay a boost.
Alchemy Pay completed its Series A funding round in 2022. They raised US$15 million from several investors including Charles Schwab and Jay Z.