Alchemy Pay Expands Its On and Off-Ramp Services by Integrating USDT, USDC, and ALGO on the Algorand Blockchain

Renowned Fiat-crypto payment merchant, Alchemy Pay has collaborated with the Algorand blockchain. The firm made the disclosure on Wednesday via its official page on X (formerly Twitter).

Alchemy Pay, a renowned fiat-to-crypto payment merchant, has announced its collaboration with the Algorand blockchain. The firm disclosed the partnership on Wednesday via its official page on X (formerly Twitter).

? Excited to partner with @AlgoFoundation!

Alchemy Pay now supports USDT, USDC, and ALGO on the Algorand network, strengthening our mission to bridge traditional finance with crypto. Together, we're making seamless transactions between fiat and crypto a reality!… https://t.co/bkTQF5c7tB

As per the announcement, Alchemy Pay will expand its on and off-ramp services by integrating USDT, USDC, and ALGO on the Algorand blockchain.

With the partnership, Algorand now joins the list of networks supported by the payment gateway. Some of them include Polygon, TON, Polkadot, Avalanche, ICP, Celo, Near, Neo, and Arbitrum among many others. In the post, Alchemy Pay described Algorand as a blockchain that is energy-efficient and quantum-secure.

The firm further stated that Algorand, as a leading blockchain network, permits instant finality while charging users minimal network fees. As a public blockchain, Algorand utilizes a pure proof of stake (PPoS) consensus mechanism, ensuring that the network remains decentralized.

It is important to note that the partnership with Algorand comes shortly after Alchemy Pay collaborated with Mastercard to combat the use of crypto for illegal activities. With the partnership, Alchemy Pay utilized Mastercard’s opening solution to confirm the authenticity of their users and detect fraud at the point of registration.

A Look at the Collaboration Between Alchemy Pay and Algorand

The inclusion of Algorand among the supported networks on Alchemy Pay will allow users to easily convert the mentioned cryptocurrencies with fiats through various payment methods. Some of the methods, as revealed, include local mobile wallets and bank transfers.

Alchemy Pay also announced that the newly added cryptocurrencies are available for all its users across 173 countries. On the other hand, Algorand will gain more visibility as the partnership will facilitate easy entry into the fast-growing ecosystem.

The platform further stated that the integration of the network will allow users to enter and exit the crypto market seamlessly. Alchemy Pay highlighted how investors often face challenges when swapping crypto for fiat and vice versa.

The integration of Algorand further illustrated the platform's commitment to bridging the gap between traditional finance and the digital assets landscape. Moreover, the firm aims to solidify its position as a leading payment gateway among crypto enthusiasts.

As observed recently, ALGO, the native token of the Algorand network, has been experiencing a poor price run, recording a 2.33% dip in the last 30 days. According to Coinmarketcap, the token is currently trading at $0.1178, down -96% from its all-time high of $3.28.

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