Cryptocurrency payment service provider Alchemy Pay has just announced the launch of a layer 1 blockchain named Alchemy Chain to support the “growing demand” from their business activities.
In the press release, Alchemy Pay revealed that the blockchain will be built using Solana Virtual Machine (SVM) architecture, allowing interaction between offchain storage and blockchain-based transactions.
Additionally, the company stated that their goal is to establish a system where “fiat and cryptocurrency coexist without barriers.”
The company aims for large-scale business applications and plans to integrate layer 2 solutions to map accounts and synchronize data.
Pay gas fees in fiat
Furthermore, ACH will be the utility token of the upcoming layer 1 blockchain and can be used to pay gas fees. On the other hand, users will have the option to pay gas fees in fiat.
“Users can easily pay gas fees and transact using ACH or fiat, with the ability to seamlessly convert profits and other on-chain income to fiat.”
The company also promises to implement a revenue mechanism for stablecoin. Alchemy Pay stated that they will provide users with the opportunity to earn profits.
The cryptocurrency payment service provider is also entering the memecoin space by introducing tools to support such projects, like a meme launchpad to facilitate the creation and launching of meme projects, or a Meme Telegram bot to help developers interact with the ecosystem.
Samsung Pay integrates Alchemy Pay
On October 8, Alchemy Pay updated its virtual card service by integrating with Samsung Pay, a popular payment method and digital wallet service provided by Samsung Electronics. With this new integration, cryptocurrency holders can spend their digital assets using Samsung Pay.
A spokesperson for Alchemy Pay previously stated that the company expects more demand from indirect users following the integration.
“Because we have many business partners, there will be many indirect users using our products through integration.”
At the time of writing, ACH is trading at $0.019, up 3.64% in the last 24 hours.
ACH 4-hour price chart | Source: Tradingview
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