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).
As per the announcement, Alchemy Pay will leverage the partnership and expand its on and off-ramp services by integrating USDT, USDC, and ALGO on the Algorand blockchain.
Meanwhile, 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. More so, in the post, Alchemy Pay described Algorand as a blockchain that is energy-efficient and quantum-secure.
Further, the firm added that Algorand as a leading blockchain network permits instant finality while charging users low-network fees. As a public blockchain, Algorand employs a pure proof of stake (PPoS) as a consensus mechanism which further ensures that the network remains decentralized.
It is worth mentioning that the partnership with Algorand surfaced shortly after Alchemy Pay collaborated with Mastercard to combat the use of crypto for illegal activities. With the partnership, Alchemy Pay leveraged Mastercard’s opening solution to confirm the authenticity of their users while detecting fraud at the point of registration.
Insight Into the Collaboration Between Alchemy Pay and Algorand
However, the inclusion of Algorand to the supported networks on Alchemy Pay will permit users to easily convert the aforementioned cryptocurrencies with fiats through numerous payment methods. As revealed, some of the methods include local mobile wallets and bank transfers.
Similarly, Alchemy Pay announced that the newly added cryptocurrencies are available for all its users across 173 countries. On the flip side, Algorand will gain more visibility as the partnership will facilitate easy accessibility to the fast-growing ecosystem.
Also, the platform indicated that the integration of the network will permit users to seamlessly enter and exit the crypto market. Alchemy Pay went on to discuss how investors often struggle to swap crypto for fiat and vice versa.
The integration of Algorand further illustrated the commitment of the platform toward mending the gap between traditional finance and the digital assets landscape. Furthermore, the firm aims to secure its position as a leading payment gateway among crypto enthusiasts.
Lately, ALGO, the native token of the Algorand network, has been enduring a poor price run which has seen it record a 2.33% dip in the last 30 days. According to Coinmarketcap, the token is presently trading at $0.1178 which is -96% off its all-time high of $3.28%.