Fintech Firm Alchemy Pay Raises $10M To Expand Crypto & NFT Payment Services In South Korea

Updated: 03 April 2023

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The financial tech firm, Alchemy Pay, has raised $10 million in funding from DWF Labs, the prominent multi-stage web3 investment firm. Alchemy Pay anticipates using the secured funds to expand its payment business in South Korea.

Alchemy Pay Expands Crypto & NFT Payments To South Korea

In an April 3 press release, Alchemy Pay confirmed raising $10 million in a strategic partnership with renowned web3 investment firm DWF Labs. The funding initiative has pushed Alchemy Pay’s gross valuation to more than $400 million.

We are excited to partner with DWF Labs, the prominent multi-stage web3 investment firm to secure $10 million funding at a valuation of $400M in this round. This strategic partnership
aims for #AlchemyPay’s expansion into the Korean market.
Learn more: https://t.co/XrgvRNBj3S

— Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) April 3, 2023

According to the announcement, Alchemy Pay intends to use the secured funds to expand its crypto and NFT payment business in South Korea and assist Korean enterprises in achieving greater internationalization. While commenting about the integration, Robert McCracken, the ecosystem Lead at Alchemy Pay, remarked:

“The company is currently well-funded, and we accepted the investment for strategic purposes, specifically to aid Alchemy Pay in entering the Korean market and expanding its payment services in the region. Korea offers a robust market base where Alchemy Pay has yet to establish a strong presence, and we aim to establish a solid foothold in the region.”

McCracken believes by utilizing our payment solutions, more Korean companies will close the division between cryptocurrencies and conventional fiat currencies and keep pace with global economies. While expressing his sentiment, Andrei Grachev, the Managing Partner at DWF Labs, said:

“We are excited to partner with Alchemy Pay as they continue their global expansion journey, particularly in the Korean market. We believe this strategic partnership will accelerate Alchemy Pay’s growth in Korea, providing more opportunities for businesses and consumers to embrace the benefits of digital assets and web3 technologies.”

Fintech Firm Alchemy Pay Launches NFT Checkout Service

As part of the new partnership, Alchemy Pay has also introduced its innovative NFT Checkout service. The new offering will enable South Korean customers to acquire NFTs using fiat payment options, making the process seamless like any other standard online payment. Alchemy Pay will also let users purchase NFTs using their local currencies.

Established in 2018, Alchemy Pay is a payment gateway that seamlessly connects crypto and global fiat currencies for businesses, developers, and users. Since its inception, it has expanded its global presence and established partnerships with mainstream and local payment firms and channels to improve its services.

The company has already partnered with notable fintech firms, including Visa, Mastercard, Discover, and Diners Club, as well as mobile payment platforms such as Google Pay and Apple Pay. It has established an extensive coverage area in Europe, Northern and Latin America, and Southeast Asia.