As we head into 2023, many of you may understandably be pleased to see 2022 disappear into the past. There is no hiding from the dramatic drop in asset prices. For Alchemy Pay, though, this really was a year of significant development and expansion. While we continued to move forward with our Crypto Payment System, we also launched a series of direct-to-customer payment gateway solutions with great success. Our fiat-crypto Onramp, Offramp, and NFT Checkout all went live to acclaim and with a great deal of uptake from crypto platforms of all kinds.
Our work has continued to build out the services we can provide and expand our vision. With this in mind, we are delighted to provide our industry partners and our loyal ACH community with a new roadmap for the year ahead.
The success of our On & Off Ramp and NFT Checkout has been built around a truly global network of payment and remittance partners, acquirers, token issuers, blockchain networks, crypto platforms across all sub-sectors, and DEXs & CEXs. This has been no small task; our team has a wealth of talent with expertise in traditional finance, fintech payments, and blockchain technology to realise our payment solutions.
Committed to Global & Local Payment Channel Support
To integrate fiat currency and cryptocurrency so that businesses and everyday users can move funds between the two economies requires fully global access. While we have secured channels to allow the use of Mastercard and Visa for direct crypto purchases in 173 countries, we have also focused on regional access in areas where e-wallets and domestic payment systems are ascendant.
As you can see from our new roadmap we are committed to adding countless new local channels so that you can enjoy very low transaction fees, coupled with almost 100% transaction success rates (note: this is rare for the cryptocurrency sector which is still considered high risk by traditional financial institutions). Alchemy Pay’s support for these alternative payment methods (APMs) is already streets ahead of our peers and this year we intend to maintain that lead.
Alternative Payment Methods Growing Fast
Everyone is aware of the ubiquity of SEPA across Europe and UK, but nation-specific systems such as SPEI in Mexico, Pix in Brazil, and GCash in Philippines (to name a few) have hundreds of millions of daily users. We already support almost every major APM in regions like Latin America and Southeast Asia, where crypto adoption is high and has the ability to change lives by giving inclusion to a borderless, censorship resistant finance. 2023 will see our APM support grow. You will also note that Apple Pay (currently live for USD currency payments) and Google Pay will be fully operational in Q1.
Cutting Edge Multifunction App for 2023
The amount of utilities and services that blockchain technology can offer to businesses and individuals has increased enormously. As a payment gateway established in Singapore in 2018, Alchemy Pay has identified another way in which our global payment network can be redirected in order to capitalise upon this progress.
In Q2 of 2023 our direct-to-customer multifunction app will launch. Our expertise with both fiat and cryptocurrencies enables us to create an app that will go beyond our peers. In the first phase we will deliver a highly advanced wallet that allows for trading, investing, and remittances – all made highly accessible to users of all technical ability using our seamless, low cost, fiat-crypto On & Off Ramp Solutions.
It is expected that Phase 2 of the development will launch in Q3. While we have possibility for revisions and additions in the development phase, we are currently aiming to gradually add features such as a multicurrency account, an NFT marketplace, staking, a Web3 quest platform, among others.
ACH Token Holders Benefit
Holders of Alchemy Pay’s ACH token (available as an ERC20 & BEP20) will benefit as they can enjoy superior access to these features, exclusive rewards, as well as preferable transaction fees.
Compliance is Key
To perform our services effectively as we have since our first product launch in 2019, we have always kept regulatory compliance front and centre. There is no getting around this, and neither do we have the desire to get around it.
We employ the services of industry leaders and high standards to protect our clients and partners – and ourselves – against fraud, illegal transactions, and regulatory transgression. As part of that we strive to obtain licences in multiple regions across the world. Alongside our current licences in Europe, North America, and Southeast Asia, we are now deep in the application process for licences in the USA, UK, Hong Kong, and Singapore.
These licences will not only expand the scope of the services we can provide, but they will also reduce our operational costs. By holding these licences we can operate more directly and our transactions will have significantly reduced risk in the eyes of the traditional financial institutions with which we work. Naturally, these cost reductions will be passed on to you, our clients and customers.
Always Building, Always Long-Term
This new roadmap gives both you and us a vision we can look towards. Alchemy Pay has always taken a long-term view. While the crypto winter may be upon us, the payment solutions we offer have strengthened in 2022, not weakened. Our commitment to provide you with a secure, dependable bridge between traditional finance and cryptocurrency remains in place and it’s stronger than ever. Join us, spring awaits.
Try our On & Off Ramp to buy and sell crypto and local fiat currencies today: https://ramp.alchemypay.org/