FAQ

General FAQ

What is Alchemy Pay?

Alchemy Pay is a payment solution provider that makes transacting between fiat (dollar, euro etc) and crypto (bitcoin, ether etc) easy, secure, fast, and low cost. Its services make crypto investment, commercial transactions, and crypto and Web3 services easily accessible to consumers and institutions around the world.

 

Alchemy Pay’s core solution is an all-in-one payment network that enables merchants to accept both fiat and cryptocurrencies, online and offline (in-store). Merchant partners choose Alchemy Pay’s solution because they can accept both fiat and crypto and, regardless of the payment method, they can receive the funds in their local fiat currency and avoid the price volatility risk associated with cryptocurrency. 

 

The network is currently supported in over 70 countries, has over 300 payment channels, and has a global reach of over 2 million merchants. This is made possible by partnerships with OTC and global crypto exchanges, financial institutions, and global remittance companies.

 

Alchemy Pay provides crypto and Web3 services with fiat-to-crypto on-ramps and fiat payment rails so that users can buy crypto and participate directly with mainstream-friendly fiat payment methods such as credit and debit cards, mobile wallets, and bank transfers. 

How does Alchemy Pay work?

Alchemy Pay’s solutions enable the crypto payment acceptance for real world goods and services online and offline (in-store), and enables mainstream-friendly fiat payment methods for users to buy crypto and participate in Web3 services. This is made possible by leveraging stablecoin technology, partnerships with OTC and global crypto exchanges, financial institutions, and global remittance companies. 

 

Partners choose Alchemy Pay’s solution because they can accept both fiat and crypto, and regardless of the payment method they can receive the funds in their local fiat currency. With a wide network of payment providers, Alchemy Pay is currently supported in over 70 countries, has over 300 payment channels, and has a global reach of over 2 million merchants. 

Who uses Alchemy Pay?

Major merchant enterprises, e-commerce platforms, crypto exchanges, crypto service platforms, DeFi platforms, leading blockchain networks, decentralized application developers (NFTs, metaverse virtual worlds etc).

What are Alchemy Pay’s partnerships?

Alchemy Pay has partnerships, co-operations, and integrations with Binance, Shopify, NIUM, QFPay, Checkout.com, Arcadier, Cobo, Huobi Global, Algorand, Polygon, NEAR, Elrond, Avalanche, VeChain – and many more. 

 

To get a more comprehensive view of Alchemy Pay’s network the full ecosystem can be found on the Alchemy Pay website

 

Alchemy Pay provides partners with tailored blockchain and payment related services. Strategic partners such as NIUM, for example, enhance Alchemy Pay’s capabilities, with cost-efficient remittance services, and additional fiat payment channels.

 

Leading blockchain networks like Algorand, Polygon, NEAR, Elrond, Avalanche have all integrated Alchemy Pay’s fiat payment channels and their tokens are supported on the Alchemy Pay payment network.

What blockchain is Alchemy Pay on?

Alchemy Pay’s utility token, ACH, is an ERC20 token issued on the Ethereum blockchain. ACH is also available as a BEP-20 token on Binance Smart Chain (BSC). For information on how to do a cross-chain swap to BSC please refer to our guide on Medium. 

Is Alchemy Pay an NFT?

No, Alchemy Pay is not an NFT. Alchemy Pay is a fiat-crypto payment solution provider that makes transacting between fiat (dollar, euro etc) and crypto (bitcoin, ether etc) easy, secure, fast and cheap. Its services make crypto investment, commercial transactions, and Web3 services easily accessible to consumers and businesses around the world. ACH is Alchemy Pay’s ERC20 utility token.

How do I mine Alchemy Pay?

The total capped supply of 10 billion ACH tokens was pre-mined and is released by smart contracts to facilitate the ecosystem’s functions. ACH has a capped supply and none can be mined. Information about ACH distribution and allocation can be found in our Whitepaper here.

Is Alchemy Pay real?

Yes, Alchemy Pay is a real, functioning fiat-crypto payment provider. The countless co-operations and partnerships with crypto and payment industry leaders such as Binance, Shopify, QFPay, NIUM, MEXC, Polygon, Algorand, NEAR, and Avalanche, as well as the ACH token listing on Coinbase and Binance all demonstrate Alchemy Pay’s validity within the digital payment and cryptocurrency industries. Alchemy Pay is supported in over 70 countries, has over 300 payment channels, and has a global reach of over 2 million merchants.

What is Alchemy Pay (ACH) used for?

Alchemy Pay’s ACH token incentivises client partners who use its fiat-crypto payment solutions. Transactions on Alchemy Pay’s payment network are rewarded with ACH. In total the ACH token is used for transaction (gas) fees, rewards, and pledging:

 

Transaction fees (or “gas fees”) – fees for transactions, investments, processing, are payable either in the local fiat currency or ACH. Opting to pay for fees in ACH will result in various fee discounts depending on terms and conditions for the participants.

 

Rewards – use of the network will be rewarded with distribution of ACH. Enterprises such as financial institutions, payment companies, e-commerce platforms, and developers are the primary use case builders, and earn enterprise transaction rewards at rates negotiated based on network size and transaction volume. 

 

Pledging – to join the network, merchant partners purchase a specified amount of the ACH token and ‘pledge’ it. This means that while using the network, partners lock up funds which can be returned if they choose to withdraw.

Is Alchemy Pay part of Alchemy?

No, Alchemy Pay is not connected to Alchemy. Alchemy Pay was founded in Singapore in 2018 and creates a bridge for transacting between crypto and fiat economies. ACH is Alchemy Pay’s ERC20 utility token. 

Who created Alchemy Pay?

Alchemy Pay was founded in Singapore in 2018 by Shawn Shi and Molly Zheng. The founders came to the project with decades of experience working with the likes of HSBC, Paypal, QFPay, and Mastercard. The team’s working knowledge of traditional finance and payment technology provided the background to creating seamless bridging services between the crypto and fiat economies.

Where can I buy ACH?

Alchemy Pay’s ACH can be bought on Coinbase, Binance, Huobi Global, MEXC, ByBit, Coinone, Uniswap, Sushiswap, Gate.io, Hoo, Poloniex, LA Tokens, ZB, Dragon X, BKEX, BitWell, TokoCrypto, Pionex, Hotbit, HitBTC, and more.

Who is the CEO of Alchemy Pay? 

John Tan is the CEO of Alchemy Pay. John is a business growth specialist with years of experience leading business development and professional services agencies. His previous roles also include consulting for Fortune 500 companies, including Honeywell, RSA, DBS Bank, and more.

Which cryptocurrencies does Alchemy Pay support?

Our network supports payments with an ever-expanding list of popular cryptocurrencies including BTC, ETH, BNB, USDT, ALGO, DAI, BUSD, BCH, LTC, ACH, NEAR, AVAX, MATIC, TRX, GUSD, and EGLD. 

Does Alchemy Pay have a white paper?

Yes, you may download our white paper here.