Crypto payment gateway Alchemy Pay has announced a strategic partnership with DWF Labs, a Web3 investment firm, to expand its services into the South Korean market. The partnership has helped Alchemy Pay raise $10 million and achieve a $400 million valuation.
We are excited to partner with DWF Labs, the prominent multi-stage web3 investment firm to secure $10 million funding at a valuation of $400M in this round. This strategic partnership
aims for #AlchemyPay’s expansion into the Korean market.
Learn more: https://t.co/XrgvRNBj3S— Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) April 3, 2023
According to its announcement, the company wants to take advantage of the “high level of crypto acceptance” in South Korea and help regional businesses become more globally competitive.
Robert McCracken, Alchemy Pay’s ecosystem lead, stated that South Korea offers ‘a robust market base’, which the company wants to establish a strong presence in.
McCracken stated that the company aims to establish a solid foothold in the region by using its payment solutions, enabling more Korean companies to close the gap between cryptocurrencies and fiat currencies while keeping pace with the global economy.
Alchemy Pay’s expansion plan comes as South Korean officials explore robust and comprehensive cryptocurrency regulations. In February 2023, DeFi Planet reported that South Korean financial regulators were investigating the crypto market for possible conducts regarding cryptocurrency staking services following the settlement between the United States Securities and Exchange Commission (SEC) and Kraken.
As part of its expansion plans, in February 2023, Alchemy Pay obtained a licence from the Central Bank of Indonesia to carry out remittances and fund transfers in the country. The licence was granted in partnership with Berkah Digital Pembayaran, a fintech firm and a verified payment service provider. This licence will enable both companies to offer better payment services and reduce operating costs to consumers in Asia.
Alchemy Pay is a Singapore-based company that supports fiat to crypto purchases through various methods, including Visa, Mastercard, Google Pay, and Apple Pay. The company has partnered with big names in the blockchain industry, including Binance Exchange and Bybit exchange. It has also powered leading blockchain projects such as Arbritrum, Polygon, and NEAR protocol. With a presence in 173 countries, the company is aggressively expanding to more emerging markets.
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