Singapore, January 2022 — Leading fiat-crypto payment solutions provider Alchemy Pay and decentralized autonomous organization MakerDAO have announced a new collaboration. MakerDAO’s United States dollar-pegged stablecoin, Dai, is now supported for use on Alchemy Pay’s hybrid fiat-crypto network that enables cryptocurrency acceptance to merchant partners in over 70 countries.
Dai is a decentralized and collateral-backed cryptocurrency that provides people around the world with the opportunity to resist hyperinflation. MakerDAO has built a transparent and highly efficient system that aims to improve current financial and monetary structures and serve the public good. Because Maker’s protocol is a permissionless, open-source project that runs on the Ethereum blockchain, Dai minted within the protocol offers economic freedom and opportunity to anyone, anywhere.
Alchemy Pay CEO John Tan said, “We are focused on supporting the global adoption of open source projects like MakerDAO that promote positive new financial possibilities for people around the world. By integrating DAI, we are enabling users to benefit from censorship-resistant finance without experiencing the volatility of the crypto market.”
By becoming usable on Alchemy Pay’s fast-growing payment network, Dai can now be spent by users around the globe in a number of real-world scenarios. This includes online and offline, business-to-business and customer-to-business payment scenarios.
Alchemy Pay’s hybrid crypto-fiat payment enables merchant partners to accept popular cryptocurrencies in offline and online payments at a low cost and with near-instant conversion to local fiat currency. The all-in-one system also allows merchants and businesses to accept fiat payments via e-wallets and credit cards. The network is supported by its incentivizing utility token, ACH, an ERC-20 token that runs on the Ethereum blockchain and has recently been listed on the world’s largest crypto exchange, Binance.
Over the past months, Alchemy Pay has integrated a number of leading cryptocurrencies onto its global crypto-fiat network, including Polygon (MATIC), Tron (TRX), Avalanche (AVAX), and Algorand (ALGO). It has also recently co-founded the Blockchain Infrastructure Alliance alongside Avalanche, Near and Polygon among others. The alliance brings together industry leaders, innovators and investors to create synergies across all areas of blockchain technology. It funds and nurtures new projects and promotes the development of decentralized finance.
About Alchemy Pay
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 investments, commercial transactions and decentralized finance services readily accessible to consumers and institutions in the fiat economy. Today, Alchemy Pay supports over 70 countries with 300 payments channels and has touchpoints with more than 2 million merchants through partnerships with industry giants, such as Binance, Shopify, Arcadier, QFPay and more.
Maker is an open-source protocol on the Ethereum blockchain managed by its decentralized autonomous organization created in 2014, MakerDAO. The Maker protocol allows users to generate Dai in the ecosystem. The decisions on protocol changes and implementations within the DAO are made by people around the world who hold its governance token, MKR. Through a system of scientific governance involving executive voting and governance polling, MKR holders manage the Maker Protocol and the financial risks of Dai to ensure its stability, transparency and efficiency. MKR voting weight is proportional to the amount of MKR a voter stakes in the voting contract, DSChief.