A new collaboration has been announced between IoTeX (IOTX), the Internet of Things focused blockchain network and Alchemy Pay (ACH), the crypto-fiat hybrid payment solutions provider. Alchemy Pay will integrate the IOTX token into its global crypto-fiat gateway so that IOTX can be widely used for business-to-business (B2B) or customer-to-business (C2B) payments. As part of the collaboration, IoTeX will also join the Blockchain Infrastructure Alliance.
Alchemy Pay’s network support for IOTX provides broader possibilities of use to its holders. The payment network supports use in 65 countries with over 200 payment channels. Integration means IOTX can now be used widely across the globe to pay online or in-store in B2B or C2B scenarios. After payment, IOTX will be converted to local fiat for merchants at a superior settlement time and cost than traditional payment methods.
Founded in 2017, IoTeX was built from scratch as a layer-one blockchain that is ultra-fast, low-fee and Ethereum Virtual Machine- (EVM-)compatible. This enables builders to incorporate machine data, value and services into their decentralized applications (DApps), using machines as “arbiters of truth” that allow people/businesses to do things in the real world to earn digital assets/reputation. IoTeX’s MachineFi concept seeks to utilize verifiable machine data to fuel new Web 3.0 financial opportunities. IoTeX already powers real-world devices like Ucam and Pebble Tracker and connects with other layer-one blockchains with the goal of becoming the universal hub for machine intelligence for the entire blockchain industry.
IOTX is the governance token that gives fractional ownership of the IoTeX Network and allows users to pay for DApps/services. Developers power their devices/DApps and incentives via IOTX because services to devices/DApps are paid in IOTX by the users. This new integration with Alchemy Pay now enables IOTX to move beyond the direct economy of IoTeX and makes transacting between blockchain and non-blockchain economies more convenient and fluid.
IoTeX’s head of ecosystem, Larry Pang, said, “IoTeX is excited to join the BIA and contribute our insights and unique Web3 infrastructure to the alliance. What truly differentiates IoTeX from other Layer 1 chains is powerful IoT-oriented middleware, such as DID, oracles, and SDKs, that make it simple for builders to connect real world devices/machines to the blockchain.”
As part of the collaboration with Alchemy Pay, IoTeX will join the Blockchain Infrastructure Alliance. The alliance brings together industry leaders to jointly promote and drive the growth and advancement of the cryptocurrency and blockchain space and act as an incubator for new projects. It was founded by Alchemy Pay, NEAR, NEO, Polygon and Conflux, and now comprises a growing list of blockchain industry leaders, including crypto exchanges, stablecoin issuers and decentralized finance (DeFi) platforms.
For Alchemy Pay, this represents a broadening of its network into the Internet of Things sector of blockchain. Alchemy Pay has integrated a number of leading cryptocurrencies onto its global crypto-fiat network over the past months including Polygon (MATIC), TRON (TRX) and Neo (NEO). It is also providing some networks such as Polygon with mainstream fiat payment channels. This will open the door to DApp developers on the network being able to incorporate Alchemy Pay’s fiat on-ramps and directly onboard users to their network’s economy via payment standards like Visa, Mastercard and Paypal.
IoTeX and Alchemy Pay are currently discussing the possibility of setting up fiat payment on-ramps for IoTeX developers, subject to onboarding information. Alchemy Pay CEO John Tan said, “We are pleased to have partnered with IoTeX and provide mainstream utility for their IOTX token. IoTeX shares our vision of the future and we know the functionality we can offer now, and what we are aiming to do as a partnership in the future.”
Alchemy Pay is an integrated fiat and cryptocurrency gateway solutions provider, powering seamless crypto and fiat acceptance for merchant networks, developers and financial institutions. The company drives the adoption of blockchain technology by making crypto investment, commercial transactions and DeFi services readily accessible to consumers and institutions in the fiat economy. Today, Alchemy Pay supports over 65 countries with 200 payment channels and has touchpoints with more than two million merchants through partnerships with industry giants such as Binance, Shopify, Arcadier, QFPay and more.
Founded in 2017, IoTeX is an EVM-compatible blockchain platform to fuel the Internet of Trusted Things, an open ecosystem where humans and machines can interact with guaranteed trust and privacy. IoTeX envisions a future where everyday people can own and control their smart devices, as well as the data and value they generate. Backed by a global team of 30+ top research scientists and engineers, IoTeX combines blockchain, decentralized identity and secure hardware to enable user-owned IoT devices and networks. By connecting the physical and digital worlds, IoTeX will empower the future machine economy and redefine the trillion-dollar IoT industry.