Alchemy Pay, a pioneer in hybrid crypto and fiat payment solutions, is integrating Chainlink’s widely used Price Feeds to help power DeFi products in its DeFi platform as well as set fair market exchange rates on its crypto payments gateway system.
By integrating Chainlink, we are able to decentralize and expand Alchemy’s financial services, providing our users with highly accurate and transparent decentralized price feeds to power more reliable payments and secure future financing and investment products across crypto and traditional assets.
We feel confident using Chainlink’s market leading solution, as it provides the most widely adopted and trusted price feeds in the DeFi market, collectively securing billions of dollars in value for many top DeFi applications. Chainlink’s Price Feeds are secured by a decentralized on-chain network of secure node operators, who source data from a multitude of high-quality data aggregators. This ensures highly accurate and available price feeds that are resistant to manipulation and transparent to our platform users. …
An Interview with Patrick Ngan, CEO, Alchemy Global Payment Solutions
Q1. Alchemy is a provider of blockchain payment solutions. What makes your approach to blockchain payments different from other companies in your space providing a similar service?
Part 1 (out of 2)
Alchemy is a leading hybrid-crypto-and-fiat mobile payment company in Asia.
The positioning of Alchemy is to provide open source protocols and rapid product development platforms for our ecosystem partners to have access to fast, secure, convenient, flexible and fast-growing global payment solutions. …
Alchemy’s core business system includes the Account System and the Payment Business System.
The Account System covers Standard Account, Merchant Account, Corporate Account and Smart Contract Account.
1 The Account System
Payment is one of the popular application areas in the blockchain era, and many innovative projects have emerged. They can be roughly divided into the following categories:
The Goal of Alchemy is to design the payment protocol through community consensus, to build a decentralized, trust powered infrastructure, to expedite the penetration of cryptocurrency into our daily life; and most importantly to return the rights of payment to the merchants, the customer and the market.
Alchemy achieves the decentralization of payment networks by integrating with decentralizing cryptocurrency wallets, deploying decentralized technical structures, along with relevant operation and governance mechanisms.
With the frictions and pains working with traditional centralized payment networks such as Visa, Mastercard, UnionPay and other switching network, Alchemy payment network adheres to the concept of “decentralization” from payment currency, technical architecture, operation system and governance mechanism for our visions and goals. …
The existing electronic payments are controlled by centralized industry giants , causing numerous problems such as complicated and blurry rules, discretional right, inefficient dispute management and high fees, etc.
The traditional electronic payment ecosystem involves too many intermediate links and there are many problems. e.g:
The cryptocurrency market is growing at an exponential pace. It’s accelerating momentum is driven by the rise of blockchain technologies, the transformative impact of decentralization and the unprecedented profit potential of a new asset class. The innovation of this eco-system, comparable in technological importance to the internet’s invention, has generated extraordinary economic opportunities for investors who recognise its wider scale implications.
Digital currencies and crypto assets are building decentralized technologies, which stand to irrevocably change the global economy. This will occur through its role in distributing value, democratizing governance and disintermediating industries. This presents unseen opportunities on which investors can capitalize because there remains significant long-term growth in the young market. In fact, recent data analysis has found that there is a current annual compound growth rate of 31% which, if continued, will result in an estimated global market value of 1.80.6 trillion U.S. dollars by 20211. …
Alcehmy envisions that backed by decentralization, smart contracts and consensus mechanism of blockchain, Alchemy would enable payment industry players to embrace the new era of payment technology by fully utilizing a series of open source protocols and open R&D platform to improve the efficiency of cross-border payments; to provide merchants and customers with a faster, more secure, more convenient, and more flexible global payment solution.