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Crypto Platform Alchemy Pay Announces Plan to Launch Its Layer-1 Blockchain

The Alchemy Chain team claims it will provide a scalable infrastructure for fast and efficient transaction processing, essential for a growing user base.

Avatar image of Jonathan Agozie Jonathan Agozie•October 29, 2024
Alchemy pay

Alchemy Pay, a platform specializing in crypto payment solutions, intends to launch Alchemy Chain, its layer-1 blockchain. The initiative is designed to address the increasing demands of its business operations.

According to the announcement, Alchemy Chain will utilize Solana Virtual Machine (SVM) architecture. The company stresses the need to connect blockchain transactions with regular off-chain storage systems.

The Alchemy Chain

The new blockchain aims to streamline interactions between these payment methods. Alchemy Pay asserts it will reduce friction between fiat and cryptocurrencies, creating an integrated system that enhances global transactions’ transparency, security, and efficiency. With fast and low-cost settlements, it promises benefits for users, including financial institutions, and aims to encourage the adoption of blockchain technology in traditional finance.

Upon launch, Alchemy Chain will offer two developer tools: the Meme Launchpad and the Meme Telegram Bot. The Meme Launchpad’s user-friendly interface aims to simplify the process of creating meme-based projects, while the Meme Telegram Bot will assist developers in navigating and engaging with the ecosystem.

The team behind Alchemy Chain claims it will feature a highly scalable infrastructure to ensure quick and efficient transaction processing, which is crucial as the user base expands. The blockchain will employ a Trusted Proof-of-Authority (TPoA) mechanism to guarantee the security and transparency of validating nodes.

Additionally, Alchemy Pay announced that its ACH token will serve as the utility token for the new blockchain. Users will have the flexibility to pay fees using either ACH or fiat currencies and can convert on-chain earnings and profits into fiat. A stablecoin revenue mechanism will also be incorporated, allowing users to earn yields.

Alchemy Integrates With Samsung

On October 8, Alchemy Pay enhanced its virtual card service by integrating with Samsung Pay, a widely used payment method and digital wallet from Samsung Electronics. The integration allows crypto users to spend their digital assets through Samsung Pay.

With the partnership, Alchemy Pay users can utilize their virtual crypto cards for online and in-store purchases at participating retailers. The company noted that users can now make payments on platforms such as ChatGPT Plus, the Apple Store, Midjourney, Amazon, Netflix, Facebook, and eBay.

Jonathan Agozie

Jonathan Agozie is a prompt engineer committed to crafting clear and technically sound content on blockchain, cryptocurrency, and Web3 technologies.