Algorand blockchain adds direct fiat payment channels by integrating Alchemy Pay (ACH) into their network.
Algorand is a layer-1 blockchain protocol for decentralized and traditional finance that aims to be scalable. The Algorand platform supports smart contracts, and its consensus algorithm is based on proof of stake and a Byzantine agreement protocol. Algorand’s native cryptocurrency is called ALGO.
Alchemy Pay, is a payment solutions provider that connects fiat and crypto economies, and its global merchant network now supports Algorand’s $ALGO token for payments in 65 countries.
Algorand And Alchemy Pay
The integration with Alchemy Pay will enable Algorand to onboard users via fiat payment standards like Visa, Mastercard, PayPal, and countless other local payment channels around the world. The ability to bring new users to the Algorand ecosystem via these mainstream payment methods will increase adoption by making access direct and bypassing the complications of crypto exchanges that can be a barrier to entry for many.
Algorand said that the cooperation with Alchemy Pay “is a natural match” as both are focused on bringing traditional finance together with decentralized, blockchain finance.
Algorand’s Head of Developer Advocate, Haichao Zhu, said of the integration:
“Algorand has been widely known as the the solution for a decentralized, secured and scalable Layer 1 blockchain. The mission of Algorand has always been empowering the traditional finance system as well as developing the web3 era. The integration with Alchemy Pay will help us further expand our ecosystem to enable much more versatile application scenarios and bring the technology to everyone’s daily life.”
As a pure-proof-of-stake platform, Algorand is among the most efficient networks in terms of energy usage, which has appealed to environmentally conscious investors. Algorand was founded by MIT professor, Silvio Micali. Professor Micali is the recipient of the prestigious Turing Award for computer science and much of his work has directly impacted the cryptocurrency space.
After being added to Alchemy Pay’s crypto-fiat payment network, the ALGO token can be used for business-to-business or customer-to-business payments globally and borderlessly. Alchemy Pay’s payment network is focused on broadening crypto acceptance by offering low fees and fast settlement via their software solution that requires no special hardware. When ALGO is used to pay online or in-store on the Alchemy Pay network and will be automatically converted to fiat currency for the convenience of merchant partners.
Alchemy Pay’s CEO, John Tan, explained,
“Our payment network gives ALGO broad use as a currency globally. Like us, Algorand is focused on the evolution of decentralized finance, and we are happy to be helping Algorand users move seamlessly between blockchain and non-blockchain economies.”
Algorand Joins Blockchain Infrastructure Alliance (BIA)
Algorand has joined the Blockchain Infrastructure Alliance (BIA) which was inaugurated in October last year by Alchemy Pay, NEO, NEAR, and Polygon.
Blockchain Infrastructure Alliance
In October 2021, Alchemy Pay co-founded the Blockchain Infrastructure Alliance. The alliance brings together industry leaders, innovators, and investors to create cooperation across all areas of blockchain technology and collectively promote the development of decentralized finance and other decentralized initiatives. It’s inclusion as a founding member will bring Algorand together with other leading DeFi projects and further BIA’s aim to build a more unified and stronger blockchain industry.
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