- Cryptocurrency payments solutions provider, Alchemy Pay, has integrated PayID into its network, providing Aussie investors with another on and off-ramp option.
- The integration of PayID follows Alchemy Pay’s registration as Digital Currency Exchange Provider with AUSTRAC in January of this year.
- Alchemy Pay says the addition of PayID to its network will bring lower fees and faster processing times for Aussie crypto investors.
Singapore-based cryptocurrency payments solution provider, Alchemy Pay, has integrated PayID — Australia’s interbank real-time payments system — into its network, providing a new fiat-to-crypto off-ramp option for Aussie crypto investors.
Alchemy Pay’s integration of PayID follows its January registration with AUSTRAC as a Digital Currency Exchange Provider (DCEP) which enabled it to “compliantly offer fiat-crypto exchange service within Australia.”
Alchemy Pay said the PayID integration allowed it to offer “reduced fees, faster processing times, and higher transaction success rates.” A streamlined onboarding process is also expected.
Alchemy Pay said it has been pursuing a global expansion strategy with the aim of gaining regulatory approval in 20 jurisdictions. Prior to integrating PayID, Alchemy Pay had previously integrated similar regional payments channels in other jurisdictions including BLIK, Bancontact, Skrill and Faster Payments throughout Europe, Dana and QRIS in Indonesia and Maya, Coins.ph and GrabPay in the Philippines.
Related: Australia Appoints Pro-Crypto MP Andrew Charlton as Assistant Minister for the Digital Economy
Alchemy Plans Its Own Layer 1 Network
Since its launch in 2017 Alchemy Pay has seen significant growth and adoption. According to the company’s figures it now supports payments in 173 countries, with over 3 million users completing over 8 million transactions in 2024 — a 300% increase over the previous year.
Last year the company announced a partnership with Samsung Pay, allowing customers to use their Alchemy Pay virtual crypto credit cards at Samsung bricks and mortar retail stores and online.
In October 2024, Alchemy Pay also announced plans to launch its own layer 1 network called ‘Alchemy Chain’ in order to support the “growing needs” of its business operation. The company said this network would be built on an implementation of the Solana Virtual Machine architecture and would allow users to pay gas fees using Alchemy Pay’s ACH token.
Related: Coinbase Urges Next Australian Federal Gov to Act on Crypto Regulation
Alchemy Pay said the new layer 1 will “introduce a high-scalability infrastructure specifically crafted to accommodate large-scale business applications, facilitating seamless interaction between on-chain operations and off-chain storage.”
The chain will use a Trusted Proof-of-Authority (TPoA) consensus mechanism, which Alchemy Pay says will ensure “the integrity and transaction speed of validating nodes.”
Credit: Source link
