VeChain (VET) Partners With Alchemy Pay For New Fiat-Payment Channels

March 31, 2022 9:04 pm

VeChain has announced that it will be partnering with Alchemy Pay in order to add new fiat payment channels to its blockchain network.

Alchemy Pay is a practical payment solution that connects fiat with the crypto world in order to allow individuals and businesses to accept crypto as payment transactions while still getting paid in fiat.

By providing its services for millions of businesses, it is boosting the adoption of VeChain by the mainstream public as the 2 million+ merchants that use Alchemy Pay will now be able to accept VeChain as payment.

This benefits not only users of VeChain who will get more ways to spend their tokens, but this will also benefit developers as well due to the increased market size.

The end result is that VeChain becomes a more widely accepted digital asset and gets validated by many real-world use cases where VET is used as a form of payment.

Bitcoin.com reports:

VeChain’s CEO, Sunny Lu, said of the integration, “With Alchemy Pay’s fiat payment channel and crypto on-ramps we are bringing more mainstream accessibility to our network.

This has benefits, not only for users, but also for all developers building on the VeChainThor blockchain.

The integration of VET into Alchemy Pay’s crypto payment system is important in further expanding the real-world use cases for VET as a form of payment.

By enabling mainstream payment standards like Visa, Mastercard and Paypal using Alchemy Pay, the mainstream adoption of VET will increase by making direct access possible, bypassing the complications of crypto exchanges that can be a barrier for many new users.”

Alchemy Pay is also extremely important for VeChain in order to connect its ecosystem with other blockchains via the use of the company’s bridging service.

The company has integrations with other popular networks such as  Polygon, Algorand, and NEAR making the partnership valuable for VeChain  as it strives to be an interconnected blockchain.

Once the integration with VeChain is completed, investors expect that its greater access to a larger number of users that already utilize the platform will drive more adoption of crypto with VeChain being one of the most popular ones that utilize fiat-crypto on-ramps.

VeChain’s ecosystem that is designed to solve real-world problems would then be able to do businesses with small businesses, startups, and more.

BitcoinInsider.org reports:

Alchemy Pay CEO, John Tan, said, “VeChain is a leading blockchain project that has attracted a great deal of support and interest from developers and has an impressive ecosystem.

Our partnership with them will improve their access to users and increase the possibilities for developers on Thor.

After integrations with VeChain as well as other leading blockchains we expect our fiat-crypto on-ramps to be a major driver of the mainstream adoption of crypto services and DApps go forward.”

Founded in Singapore in 2018, Alchemy Pay (ACH) connects fiat and crypto economies for global businesses and consumers. It provides online and offline merchants with convenient acceptance of both fiat and cryptocurrency and makes crypto services accessible to mainstream users.

At the time of writing, VeChain (VET) has a total market cap of over $5 billion and has been on a steady uptrend since the middle of March with potential to break the existing bear trend.

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