We are excited to announce that we have started a collaboration with Alchemy Pay to integrate Elrond into the crypto to fiat payments network that enables more than 200 million merchants all over the world to accept cryptocurrency payments.
Alchemy Pay’s consensus protocol provides an adaptive decentralized finance (DeFi) infrastructure for crypto / fiat payments. It enables merchants to immediately start accepting cryptocurrency payments via virtual credit cards, point of sale (POS), web interfaces, and mobile apps.
Alchemy Pay currently operates in 65 countries worldwide, including Canada, Japan, South Korea, and the European Union. The company operates touchpoints for purchases in 18 countries and through partnerships with Shopify, Arcadier, QFPay, and more.
Alchemy Pay will soon offer a white-label solution for Visa and Mastercard cryptocurrency virtual cards. Clients will be able to issue cards that can be accepted on leading e-commerce platforms such as Amazon and eBay, and seamlessly link to digital wallets like Google Pay or PayPal, enabling crypto to fiat payments, including with EGLD and ESDT, for every supported merchant.
Our collaboration works towards making EGLD and ESDT tokens accepted cryptocurrencies at the hundreds of millions of online and offline merchants supported by the broad array of payment systems and methods offered by Alchemy Pay.
“The mainstream adoption of cryptocurrencies will be a silent revolution that will result in higher value on the consumer side and increased revenue and resiliency on the merchant side,” said Beniamin Mincu, Elrond Network CEO. “The integration between Elrond Network and Alchemy Pay can be a catalyst for accelerating crypto adoption and enable a web of digital payments operating at internet scale.”
“Elrond has done amazing work in not only the speed and volume of transactions possible on its network, but also its commitment to actually reducing carbon emissions with every transaction,” said Alchemy Pay CEO, John Tan. “This partnership significantly advances Alchemy Pay’s development of sustainable and efficient digital ecosystems that are leading the evolution of payments.”
Elrond is a new blockchain architecture, designed from scratch to bring a 1,000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
About Alchemy Pay
Alchemy Pay is the inventor of the world's first hybrid fiat and digital currency gateway solution for businesses and investors. Alchemy Pay powers seamless crypto and fiat acceptance for merchant networks, developers, and financial institutions, and powers adoption of blockchain technology by making crypto investment and DeFi services readily accessible to consumers and institutions in the fiat economy.
Today, Alchemy operates in 18 countries and regions and has touchpoints with more than 2 million merchants through partnerships with industry giants such as Binance, Shopify, Arcadier, QFPay and more.