Retail merchants across Asia can now receive bitcoin and cryptocurrency payments via a new hybrid solution launched by Alchemy.
Alchemy Launches Hybrid Bitcoin Payment Solution
In a press statement issued Wednesday (September 18, 2019), Alchemy — a global crypto payments service provider announced the launch of the platform.
Called the Alchemy Hybrid Payment Solution, it allows merchants in Asian and Middle Eastern markets easily accept bitcoin and crypto payments. The service features a hybrid integration with popular fiat wallets in Asia such as Alipay, WeChat Pay, and LinePay to mention a few.
Apart from bitcoin, Alchemy’s new payment gateway offers support for more than 30 altcoins including ether and litecoin.
According to the press statement, crypto payments on the platform will be settled in the local fiat currency. This feature is part of efforts to mitigate against the fluctuating value of cryptos.
As at press time, the Alchemy Hybrid Payment Solution is already live in Hong Kong and Singapore. Pricerite and Midwest Global Asia are among the first adopters on the service.
In addition to being a payment gateway, Alchemy is reportedly examining ways to extend the platform’s capabilities. Talks are already underway to include interfaces with crypto exchanges and bitcoin OTC desks.
Making Crypto Retail Payments Easier
Alchemy’s new product is the latest attempt at solving the problem of using bitcoin and cryptos in daily retail transactions. Commenting on the development, the company’s co-founder Patrick Ngan declared:
[This] is a game changer for the global cryptocurrency market as it propels cryptocurrencies towards truly becoming a global currency. It creates real-life use cases for cryptocurrencies as crypto holders can now spend their cryptocurrencies to purchase goods and services in addition to their investment functions.
Even bitcoin proponent and Twitter CEO Jack Dorsey recently declared that the cryptocurrency still has a long way to go in establishing itself as a useful mode of payment. The Square chief does, however, hold firm to his belief that bitcoin will eventually be the native currency of the internet.
In an interview on Charlie Shrem’s podcast — ‘Untold Stories,’ BTCC co-founder Bobby Lee said that bitcoin is seen mostly as an investment rather than a currency in China.
Platforms like Alchemy’s will face some competition in markets like China that already have a robust electronic payment ecosystem.
Do you think platforms like Alchemy’s can catapult bitcoin and crypto payments to the pinnacle of the electronic payment market? Let us know in the comments below.