Alchemy Pay To Launch Scalable Layer-1 Blockchain for Payments

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Veronika Rinecker

Crypto Journalist

Veronika Rinecker

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Veronika Rinecker is based in Germany and studied international journalism and media management. She specializes in reporting on topics such as politics and regulation, energy, blockchain, and...

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October 28, 2024

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Alchemy Pay, a Singapore-based crypto payment provider, has announced its plans to launch Alchemy Chain, a Layer-1 blockchain built on the Solana Virtual Machine (SVM).

According to the company’s announcement from Oct. 28, with the new blockchain, Alchemy Pay seeks to support the integration of crypto and fiat payments by offering a high-scalability infrastructure and advanced security features.

A Scalable Blockchain for Seamless Crypto Transactions

Alchemy Chain will enable seamless interaction between blockchain-based transactions and off-chain storage, making it easier for businesses to operate in the crypto and fiat worlds.

According to the press release, the blockchain’s Trusted Proof-of-Authority (TPoA) mechanism will ensure the integrity and speed of transactions, while its Layer-2 solutions optimize scalability and efficiency.

Alchemy’s native token, ACH, will be the utility token for Alchemy Chain, allowing users to pay gas fees and access various features.

The platform is also set to introduce a stablecoin revenue mechanism, enabling users to earn a yield on their holdings.

Alchemy Pay Expands its Partnerships

In addition, Alchemy Pay plans to enter the meme coin market with tools like the meme launchpad and Meme Telegram bot. These tools will make it easier for developers to create and launch meme-based projects on the upcoming chain.

In 2023, the company integrated Apple Pay into its fiat-to-crypto on-ramp, allowing users to purchase crypto using their Apple devices.

In June, Alchemy Pay partnered with Scroll, a Layer-2 Ethereum scaling solution. This integration allows users to access stablecoins Tether (USDT) and USD Coin (USDC) through Alchemy Pay’s platform, which currently supports over 50 fiat currencies.

In October, Alchemy Pay also integrated its virtual card with Samsung Pay, Samsung’s contactless payment tool, allowing cardholders to spend their crypto holdings at millions of locations.

A Bold Move

Alchemy Pay is one of the few players in the crypto industry to announce plans for an independent Layer-1 chain.

Although this decision follows a trend of major crypto companies launching their own blockchains to improve scalability, security, and user experience, these other blockchains are mostly Layer-2s built on top of existing Layer-1 blockchains like Ethereum.

In October, Uniswap, the largest decentralized exchange (DEX), announced its plans for UniChain, a Layer-2 network based on Ethereum.

In 2023, cryptocurrency exchange Coinbase launched Base, a Layer-2 network based on Ethereum, which has since become a dominant player among Layer-2 chains.