Cryptocurrency payment provider Alchemy Pay has announced Alchemy Chain, a new layer-1 blockchain designed to facilitate the integration of fiat and cryptocurrencies. Built on the Solana Virtual Machine (SVM) architecture, this blockchain is expected to support Alchemy Pay's payment ecosystem by offering a scalable infrastructure for high transaction volumes.
Understanding Alchemy Chain
Alchemy Chain aims to create a seamless experience between fiat and cryptocurrency payments, acting as a bridge between traditional and digital finance. The new blockchain will utilize a Trusted Proof of Authority (TPoA) mechanism to enhance security and transaction speed.
The blockchain supports both ACH and fiat payments to cover gas fees, providing users with greater flexibility in managing transaction costs.
“Users can easily cover gas fees and transactions using $ACH or fiat, allowing profits and other on-chain earnings to convert smoothly into fiat currency.” – Alchemy Pay.
In addition to its core functionalities, Alchemy Pay plans to offer various tools to support developers and meme coin projects. These tools include a “Meme Launchpad” to help creators easily launch meme-based tokens and a user-friendly interface for interactions within the Alchemy ecosystem through the “Meme Telegram Bot.”
ACH Price Surge Following Announcement
Following the announcement of Alchemy Chain, Alchemy Pay's native token, ACH, experienced a price increase. According to crypto analyst CryptoBull_360, the ACH token saw a 13% rise after testing a critical support level.
“This level acted as a strong base for $ACH, leading to significant buying interest when prices fell to this threshold.” – CryptoBull_360.
After bouncing off the support level, ACH rose to approximately $0.0097, indicating strong market interest due to increasing transaction volumes. If the upward trend continues, resistance levels of $0.01 and $0.0115 are expected.
If the upward trend persists, analysts predict that ACH could rise by up to 450%, potentially reaching $0.11087. A 482.83% increase in ACH derivatives, reaching $60.61 million, reflects a growing interest in ACH price movements. Additionally, open positions reaching $10.70 million indicate a substantial amount of outstanding contracts.
Alchemy Pay's new blockchain and the tools it develops are fortifying the company's position within the crypto ecosystem, raising the visibility of the ACH token in the market. Ultimately, Alchemy Pay's initiatives aim to address the needs of both developers and users, reducing the gap between digital and traditional finance.
