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About Alchemy Pay (ACH)
Alchemy Pay is an open-source payment infrastructure designed to provide a gateway between the fiat and crypto economies. The network has a native digital asset, ACH, that’s used to pay transaction fees.
A proverbial Swiss army knife of payment-related tools, Alchemy Pay has a series of proprietary point of sale (POS) terminals capable of accepting crypto payments at brick-and-mortar retailers, including those who may lack an internet connection. Payments made using cryptocurrency are instantly converted to the vendor’s local fiat.
Alchemy Pay is integrated with more than 300 fiat payment channels, globally, allowing merchants in both online and offline settings to accept credit/debit cards payments as well as online transfers.Â
For Web3, DeFi, and exchange-based products, Alchemy Pay supports an API capable of handling fiat to crypto payments.
All network transactions take place within the Merchant Node Network, a core infrastructure component operated by Alchemy Pay’s merchants and business partners. Merchants are required to pledge a given amount of ACH before joining the network.
Alchemy Pay seeks to become a leading global remittance network, the project’s whitepaper explained.
As of June 2022, Alchemy’s various payment frameworks were supported by more than 2 million merchants across 70 countries.
How is the price of ACH determined?
ACH is a deflationary asset with a hard cap of 10 billion tokens, all of which were pre-minted prior to initial distribution. According to Messari, 51% of ACH’s total supply is reserved to incentivize participation in the network by way of transaction rewards for businesses and consumers. Roughly 18% of supply was earmarked for the project’s founders, while an additional 18% was distributed to early investors. As of early June 2022, there were 4.5 billion ACH in circulation.
Why does ACH have value?
Alchemy Pay’s value proposition is a factor of the global payments network it helps facilitate. The project is currently well positioned at the intersection of the fiat and crypto-based economies.
What are the main benefits of ACH?
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