What is Alchemy Pay (ACH)?

Alchemy stands as the first payment gateway solution that was created in the world to facilitate the closure of the existing gap between crypto economies and fiat economies. Apart from its cryptocurrency payment front, the Alchemy Pay network also provides seamless and easy access to a variety of cryptocurrency investments, as well as DeFi services and a plethora of other blockchain solutions. The services provided on the platform are configured in such a way that they serve sophisticated veterans in the world of cryptocurrency and blockchain technology at large.

while it was officially established in 2018, the platform sprung out from being a practical base of merchants made up of several leading systems including the biggest furnishing company in Hong Kong, Pricerite, the top-tier Canadian footwear brand Aldo, Singapore’s Cé La Vi, the software technology firm Arcadier, and Midwest Global Asia taxi services. As the system grew over the years at a steady pace, it focused on striking and also growing a series of strategic partnerships including with the Binance and QFPay, which increased the number of end-users of the platform on a grand scale and helped merchant touch-points to millions, with the inclusion of customers of Shopify, the e-commerce giant.

 

Who are the Founders of Alchemy Pay (ACH)?

The Alchemy Pay platform was originally set up in Singapore in the year 2017, and the system itself started to reel in its first set of customers only a year after its establishment. The platform was founded by a blockchain enthusiast called Molly Zheng.

Prior to the establishment of the platform, Zheng already had a large-scale reach in the blockchain and fin-tech industries as she worked as one of the senior consultants at Paypal China. Later, she moved on to HSBC China and worked as the director of GE Money and then as the chief representative of MasterCard China. She is also aided by Shawn Shi, who has experience in the same line of work. She served as the vice-president of technology at the Chinese insurance company ZhongAn as well as the head of marketing at the Chinese internet security firm, Qihoo 360.

Together, Zheng and Shi serve as joint chairs in the company, and on the company board, they are joined by the chief executive Jon Tan, who is also a tycoon in the world of Fin-Tech. Before becoming a part of the network, he worked as a business consultant in several start-ups. Other board members include the platform’s chief technical officer, Liang Chuan; Lv Bo, the head of payments and finally Train Luo, who has the job of coming up with strategies for the platform. According to information on the Alchemy Pay website, the platform is currently composed of more than 60 individuals.

 

What is Alchemy Pay (ACH) used for?

Right from when Bitcoin was launched in 2008, the idea was to design a system that would have the ability to bypass fiat currencies completely. While the old system was able to disenfranchise the billions of individuals who do not own bank accounts, cryptocurrencies on the other hand were aimed at providing them with financial services as long as they had access to the internet. The system aimed to create a world where crypto and Defi systems operated separately, the Alchemy Pay system on the other hand aimed to create a world where payment by fiat currency or cryptocurrency is completely the choice of the customer.

These payments are to be facilitated through the ACH coin which is the dedicated cryptocurrency of the Alchemy Pay network. The token is also used to incentivize customer participation in the key roles in the Alchemy Pay crypto-fiat hybrid ecosystem. These tokens can be rewarded, pledged, accumulated, or paid as fees and also give voting rights to the users.

 

What Is the Unique Point of Alchemy Pay (ACH)?

The Alchemy Pay network is the product of a collection of leading fiat payment technologies from China and Singapore. While this group of platforms has several things in common, one of the most important aspects is that they share a deep interest in the emerging crypto sector, and also have a vision of designing a practical bridge between the world of fiat payment systems and crypto payment systems. The system used on the Alchemy Pay network allows participants on both sides of the payment systems to achieve secure, flexible, fast, and convenient payment solutions on a global scale. Additionally, based on the seven realized smart contract systems used on the platform, on-chain analytics, its consensus mechanism, and its second-layer scaling solutions, the system can achieve this goal. 

The Alchemy Pay ecosystem provides its users with transactions on a variety of cryptocurrencies, cross-chain payments, conditional payments, peer-to-peer payments, escrow payments, and several others with the inclusion of fiat options for each mode of payment. While some high-profile agendas see fiat currency in a completely negative light, the Alchemy Pay network has chosen to harness its provision to create a better system for the users incorporating both sides of the payment systems.

 

How many Alchemy Pay (ACH) coins are in circulation?

The Alchemy coin has its maximum supply pegged at 10 billion tokens and of that amount, the network has a circulating supply that was derived from an initial allocation of 62% for utility, as well as 38% for stakeholders. With the existence of these broad categories, the platform has both locked, as well as unlocked segments that are related to enterprise transaction rewards, transaction rewards for customers, transaction mobility, enterprise partners, as well as incentives for the team, supporters, and its advisors.

 

Is the Alchemy Pay (ACH)  Network secured?

The Alchemy Pay system was developed as an ERC-20  token and as such, the platform uses the same security protocol as the entire ecosystem of the Ethereum blockchain as a whole.

The network is made up of nodes that are responsible for its protection from any form of malicious activity. It achieves this through its dedicated proof of stake consensus mechanism. The procedure used by the system is one where the nodes are required to validate transactions before they can be added to the blockchain. Additionally, the nodes with the highest stakes are also the deciding parties on the platform and as such need to make sure the platform is safe as their tokens are tied to its safety.

 

How do I buy Alchemy Pay (ACH)?

The Alchemy Pay network is the pioneer in the world of combining fiat and crypto payments to create one single entity. The platform is also backed by several other established financial platforms, ensuring that it is made up of professionals in the sector with experience in the provision of financial services. Currently, ACH tokens are available on several exchanges and can be easily purchased by the following steps.

  • Open an account with a supported crypto exchange.
  • Deposit a specific amount of fiat money to the crypto account.
  • Confirm the transaction and buy your HUM tokens.

 

Which Cryptocurrency Wallet Supports Alchemy Pay (ACH)?

The PTPWallet platform supports many cryptocurrencies simultaneously such as Alchemy Pay (ACH). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their ACH wallet because it offers a simple and interactive interface making it easy for people to navigate its system.

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