Algorand (ALGO), a layer-1 blockchain for decentralized applications and finance, announced today it has added new fiat payment channels into its network, thanks to a new integration with Alchemy Pay (ACH).
Alchemy Pay is a payment solutions provider that connects fiat and crypto economies, and its global merchant network now supports Algorand’s $ALGO token for payments in 65 countries. The Algorand team also announced it has joined the Blockchain Infrastructure Alliance which was inaugurated in October by Alchemy Pay, NEO, NEAR, and Polygon.
ALGO + Alchemy Pay
This integration with Alchemy Pay will enable Algorand to onboard users via fiat payment standards like Visa, Mastercard, PayPal, and other local payment methods. Being able to bring new users to the Algorand ecosystem via these mainstream payment methods will increase adoption by making access direct and bypassing the complications of crypto exchanges that can be a barrier to entry for many.
After being added to Alchemy Pay’s crypto-fiat payment network, the ALGO token can be used for business-to-business or customer-to-business payments. Alchemy Pay’s payment network is focused on broadening crypto acceptance by offering low fees and fast settlement via their software solution that requires no special hardware. When ALGO is used to pay online or in-store on the Alchemy Pay network and will be automatically converted to fiat currency for the convenience of merchant partners.