SG’s Alchemy Pay raises $10m to expand into Korean market

Alchemy Pay, a Singapore-based payment gateway that connects crypto and global fiat currencies, has secured $10 million in funding from DWF Labs, a prominent multi-stage web3 investment firm, to expand its payment business in Korea.

The funding will be used to capitalize on the region’s high level of cryptocurrency acceptance and assist Korean enterprises in achieving greater internationalization.

Alchemy Pay’s estimated valuation during the funding phase was reported to be $400 million.

Alchemy Pay has a strong focus on providing access to emerging markets and has established an extensive coverage area encompassing Europe, Northern and Latin America, and Southeast Asia.

Its partnership roster includes Visa, Mastercard, Discover, Diners Club, as well as mobile payment platforms like Google Pay and Apple Pay, regional mobile wallets, and domestic transfer options.

The company’s reach extends beyond traditional credit cards and into local mobile wallet options, with over 300 local alternative payment channels.

In addition to its payment services, Alchemy Pay has also introduced its innovative NFT Checkout service, which enables customers to acquire NFTs using fiat payment options, making the process as straightforward as any other standard online payment.

Robert McCracken, the ecosystem lead of Alchemy Pay, stated that Korea presents a promising market for the company, and the investment from DWF Labs will aid Alchemy Pay in entering the Korean market and expanding its payment services in the region.

“By utilizing our payment solutions, more Korean companies can close the division between cryptocurrencies and conventional fiat currencies and to keep pace with global economies,” he added.

Andrei Grachev, the Managing Partner at DWF Labs, said, “We believe this strategic partnership will accelerate Alchemy Pay’s growth in Korea, providing more opportunities for businesses and consumers to embrace the benefits of digital assets and web3 technologies.”

Founded in 2018, Alchemy Pay’s Ramp Solution is integrated, via plugin or API, with platforms and dApps, providing an easy onramp from fiat currency to crypto.

Alchemy Pay supports payments from 173 countries and remits to users in 50+ local fiat currencies. ACH is the Alchemy Pay network token on Ethereum and BNB Chain.