Alchemy Launches Bitcoin Payment Solution For 1.2 Million Merchants

Alchemy launches a new bitcoin solution for the retail merchants across Asia which will now be able to receive bitcoin and cryptocurrency payments as per the reports in the coming altcoin news that we have today on our website.

In a press release that was issued on Wednesday, the global crypto payments service provider announced the launch of the platform. Named as the Alchemy Hybrid Payment Solution, all merchants around Asia and the Middle Eastern market will easily accept bitcoin and crypto payments. The service features an integration system with the popular fiat wallets in Asia such as WeChat Pay, Alipay, and Linepay. Apart from Bitcoin, Alchemy will have a new payment gateway that supports more than 30 altcoins including ether and litecoin.

According to the press release, the crypto payments on the platform will be settled in the local fiat currency and this feature aims to mitigate against the fluctuating value of cryptos. At press time, the Alchemy Hybrid Solution is already going well in Hong Kong and Singapore. Midwest Global Asia is among the first adopters on the service. In addition to being a payment gateway, Alchemy is reportedly trying to find out ways to extend the platform’s capabilities. Talks are still underway to include the interfaces with crypto exchanges and other BTC OTC desks.

The new product of Alchemy is the latest attempt at trying to solve the problem of using bitcoin and cryptocurrency in daily retail transactions. The company’s co-founder Patrick Ngan declared:

 [This] is a game changer for the global cryptocurrency market as it propels cryptocurrencies towards truly becoming a global currency. It creates real-life use cases for cryptocurrencies as crypto holders can now spend their cryptocurrencies to purchase goods and services in addition to their investment functions.

Even the CEO and founder of Twitter Jack Dorsey recently declared that the cryptocurrency still has a long way to establish itself as the best payment option. the Square chief also believes that bitcoin will eventually become the native cryptocurrency of the internet as we previously read in the latest cryptocurrency news. The platforms such as Alchemy will face some major competition in the markets such as China because they already have a robust electronic payment ecosystem.