Cryptocurrency payment solutions provider Alchemy Pay has announced plans to launch a layer 1 blockchain.
Announced on Monday (October 28), Alchemy Chain is built on a scalable Solana Virtual Machine (SVM) architecture to support the growing needs of Alchemy Pay’s business operations and integrate crypto and fiat currencies. Designed to integrate payments.
“Alchemy Chain is positioned to become a foundational part of the evolving payments landscape by enabling seamless interaction between blockchain-based transactions and off-chain storage,” the company said in a news release. “The ultimate goal is to establish a system where fiat currencies and cryptocurrencies coexist frictionlessly, making cross-border payments more transparent, secure, and efficient.”
With this release, Alchemy Chain offers a “highly scalable infrastructure” designed to accommodate large-scale business applications, with an architecture built to process transactions “quickly and efficiently.” It adds that it will ensure flexibility and reliability as Alchemy Pay’s user base grows.
The company says blockchain security and transparency is centered around the Trusted Proof-of-Authority (TPoA) mechanism, which “guarantees the integrity of validating nodes and transaction speeds.”
“Additionally, Alchemy Chain integrates advanced layer 2 solutions that enable seamless account mapping and data synchronization, minimize redundant data storage, and optimize scalability,” the release added. Masu.
This announcement follows last month’s news that Alchemy Pay’s virtual cards now support Google Pay, allowing users to pair their cards with the digital payment platform.
In other blockchain news, PYMNTS sat down last week with Ran Goldi, SVP of Payments and Networks at Fireblocks, and Head of Commercialization at Visa Crypto to examine the benefits and myths surrounding blockchain-based payments. I had a conversation with Nikola Plecas.
“Blockchain is not going to solve world hunger. It’s not a magic solution to all problems,” Goldy said, but it can upgrade the financial system. He also emphasized that the real power of blockchain comes from faster and more transparent transfers of value, and that stablecoins are already enjoying greater traction in this space.
Goldi also said that while traditional payment systems like Swift can take several days to process a transaction, stablecoins enable near-instantaneous cross-border payments in “less than 10 minutes.” .
Panelists also noted that stablecoins offer significant advantages over existing payment systems, including native programmability, strong auditability, fast settlements, self-custody options, and seamless interoperability. I also mentioned. They also emphasized the importance of abstracting away the technical complexity of blockchain.
“We want payments companies to stop worrying about the complexity of blockchain and start using these new rails,” Goldy said, encouraging payment companies to experiment with blockchain and start using it. He advised them to see how customers react.
“Today, demand for blockchain solutions is being driven by end users: merchants seeking faster payments and gig workers requiring instant payments.”
