Popular crypto payment provider Alchemy has admitted to the fact that it is looking to support its business operations in as many ways as possible. More so, in the light of the growing needs” of its business.
To this end, it has revealed some recent developments, which involve launching its own layer-1 blockchain.
According to the firm, the new blockchain will be dubbed “Alchemy Chain.” It will be built using the Solana Virtual Machine (SVM) architecture. Interestingly, the blockchain will also help the company to simplify interactions between off-chain storage and blockchain-based transactions, bringing the same down to levels previously unimagined.
Seamless Payments with Fiat and Crypto Integration
For Alchemy, what it primarily seeks to achieve with Alchemy Chain is to create a flexible payment system where traditional fiat currencies and cryptocurrencies can operate side by side. That is, a financial ecosystem where users may opt to transact in either fiat or crypto without any hassles.To achieve this, Alchemy Pay plans to implement advanced solutions, including layer-2 support for account mapping and data synchronization. This will allow the blockchain to scale and meet the needs of large business applications.
Per the announcement, the new layer-1 blockchain will use Alchemy Pay’s ACH token as its utility token. This means that the token may be used to cover transaction and gas fees. However, that is not all. Users may also use the fiat option as payment for gas fees all in a bid to ensure flexibility. Alchemy Pay wrote:
“Users can conveniently cover gas fees and transactions using either $ACH or fiat, with seamless conversion of profits and other on-chain earnings into fiat currency.”
Support for Memecoins and Yield Generation
The crypto payments provider is not stopping at just streamlining crypto and fiat payments. Rather, it is also looking to expand its offerings into the memecoin market. To this end, it plans to provide tools for launching and supporting meme projects, including a dedicated meme launchpad and a Meme Telegram bot that will allow developers to interact directly with the Alchemy ecosystem.
Furthermore, the company also shares that it intends to introduce a stablecoin revenue mechanism. This will give users the opportunity to earn yield on their assets as an additional layer of incentive for such holders.
Alchemy Pay Widens Its Reach with Samsung Pay Integration
As part of its ongoing growth, Alchemy Pay recently integrated with Samsung Pay, one of the most popular digital wallets. The integration was announced on October 8, enabling users to spend digital assets through Samsung Pay’s virtual card service. Furthermore, the move is also expected to allow crypto holders to use their assets for everyday purchases, albeit more confidently.
In the long run, partnering with Samsung Pay is expected to ultimately expand Alchemy Pay’s reach. That is, by providing access to new, indirect users through Samsung’s widespread platform.
