The payment service provider Alchemy Pay, headquartered in Singapore, has taken its efforts to expand a step further. According to a news release, Alchemy Pay raised $10 million in venture funds, resulting in a valuation of $400 million for the company. (1)
The Alchemy Pay Company Is Interested in Growing Its Business
For what it’s worth, Alchemy Pay has been concentrating on maximizing the benefits that can be gained from the crypto-friendly environment that exists in South Korea.
The company recently released a statement stating that it aspires to be at the forefront of how crypto enterprises in South Korea can obtain more worldwide recognition and expand their operations.
In order to achieve this goal, it has formed partnerships with a number of other payment providers, including Google Pay, Apple Pay, Visa, and Mastercard. In addition, these many collaborations are still in the process of being implemented, but the cryptocurrency exchange OKX has just lately incorporated Alchemy Pay into its platform.
Alchemy made the announcement at the time that the connection means that users of OKX are now able to buy cryptocurrency with fiat currencies.
In the meanwhile, it is important to point out that market maker DWF Laboratories is the only entity that contributed to Alchemy’s most recent funding round of $10 million.
It is interesting to note that the investment is just one of many investments of this kind made by DWF Laboratories in recent weeks, as the company has been on an investment spending binge.
During the course of the past month and a half, DWF Labs has participated in no fewer than eight investments related to cryptocurrencies. The market maker has already invested over $165 million in total throughout the past six weeks, with each of the investments being valued at least $10 million individually.
DWF’s managing partner Andrei Grachev, when asked about the firm’s history of successful investments, stated that there is no better period than a negative market such as the one that is currently occurring. Grachev additionally contributed the following:
“We are now in a position to invest in projects since we have amassed sufficient funds from our previous gains.”
Increase in ACHP Native Token
The good reception that the announcement of investment money has received from Alchemy Pay’s native token, ACHP, is entirely in line with what was anticipated.
The token’s price has increased by 7.61% in the past 24 hours, according to data provided by CoinMarketCap, and it is currently trading at $0.03712. In addition, some more millions have been added to the market capitalization, which is now hovering just above the $185 million threshold.