Alchemy Pay will build a bridge between legal and encrypted payments by embedding in the Polygon network, enabling any Polygon-based protocol to establish legal access. The new features are expected to drive the next phase of growth of Polygon’s DeFi ecosystem.
More than 4,000 hosted applications in Polygon’s DeFi ecosystem will now be able to directly access traditional financial payment platforms (such as Visa, MasterCard, PayPal) and multiple local payment channels around the world through fiat currency, and conduct transactions on its DeFi applications . This move will also simplify payments for DeFi applications on e-commerce platforms such as Shopify and other networks. Alchemy Pay currently processes US$5 million in transactions per day, mainly from Asia and Europe. By the end of 2021, after Shopify has completed the integration with Polygon, it is expected that the transaction volume in the United States will increase.
Sandeep Nailwal, Polygon’s co-founder, said: “The DeFi protocol has been thriving, but the global availability challenge of Ethereum has slowed its development. Scaling solutions are critical to DeFi’s ability to become mainstream. Polygon is already addressing Ethereum. The problem of slow and high cost of transactions on the square, now thanks to Alchemy Pay, we can provide an indispensable gateway between fiat and encrypted transactions. This development opens up new capital portals and will promote users of Polygon’s DeFi ecosystem Take it to the next level in its commercial development.”
Polygon’s full-stack scaling solution is in a leading position in reducing congestion on the Ethereum main chain. Polygon daily active users in September Surpassed Ethereum. However, Polygon is not a competitor of Ethereum, but promotes the use of the Ethereum network platform.
Nevertheless, DeFi advocates recognize that Ethereum needs to find more ways to accept fiat currency into the ecosystem. The network’s ability to handle transactions between fiat and encrypted currencies is critical to attracting new users.
John Tan, CEO of Alchemy Pay, said: “The integration of fiat payment options is the key to achieving the goal of frictionless payment experience on encrypted networks. It is more attractive to use them in. In turn, this will attract developers who want to build DApps that people can actually use. Both Polygon and Alchemy Pay enable people to use blockchain applications and DeFi platforms instead of just speculating tokens. ”
Nailwal added: “With Alchemy Pay’s mixed encrypted fiat currency support, Polygon will now have a wider range of development and stronger adoption attractiveness. By providing Polygon and Ethereum with a more seamless and flexible legal encryption payment channel , Alchemy Pay is fundamentally supporting the DeFi field.”
Polygon and Alchemy Pay are also part of the new formation Blockchain Infrastructure Alliance (BIA) industry infrastructure builder and leader. BIA is composed of cryptocurrency exchanges, stable currency issuers, DeFi platforms, payment solutions, and other important roles to jointly promote and promote the growth and progress of the cryptocurrency and blockchain space. BIA funds blockchain research and fosters projects aimed at optimizing decentralized finance and blockchain infrastructure.
About Alchemy Pay
Alchemy payment It is an integrated fiat and cryptocurrency gateway solution provider, providing seamless encryption and fiat currency acceptance capabilities for merchant networks, developers and financial institutions. The company promotes the adoption of blockchain technology by making it easy for consumers and institutions in the statutory economy to obtain crypto investment, commercial transactions, and DeFi services. Today, Alchemy Pay supports 200 payment channels in more than 60 countries/regions and has established connections with more than 2 million merchants through cooperation with industry giants such as Binance, Shopify, Arcadier, and QFPay.
Polygon It is the leading platform for Ethereum expansion and infrastructure development.Its growing product suite allows developers to easily access all major extensions and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), side chains, hybrid solutions, independent and enterprise chains, data availability solutions WaitPolygon’s scaling solution has been widely adopted, hosting more than 3,000 applications, processing approximately 600 million transactions, approximately 60 million unique user addresses, and asset security of more than $5B.
If you are an Ethereum developer, then you are already a Polygon developer!Use Polygon to provide fast and secure txns for your Dapp, let’s get started here.
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