Algorand, the Layer-1 Blockchain for Traditional and Decentralized Finance, (ALGO), has integrated Alchemy Pay with ACH to add direct fiat payments channels. Alchemy Pay, is a payment solutions provider that connects fiat and crypto economies, and its global merchant network now supports Algorand’s $ALGO token for payments in 65 countries. Algorand announced that it joined the Blockchain Infrastructure Alliance, which was launched in October by Alchemy Pay NEO, NEAR and Polygon.

Alchemy Pay’s integration with Algorand will make it possible for Algorand customers to sign up via fiat payment options like Visa, Mastercard (NYSEA:), PayPal (NASDAQA:), as well as many other payment channels in the local area. These mainstream payment methods can bring more people to Algorand, allowing them to bypass the complicated crypto exchanges and make it easy to get in.

Alchemy Pay & Algorand have a great match. Both are focused on the integration of traditional and decentralized finance. Algorand has been praised by environmentally responsible investors for being a pure-proof of-stake platform. It is also one the most efficient networks when it comes to energy consumption. Silvio Micali, MIT professor founded Algorand. Professor Micali, the recipient of the Turing Award for Computer Science and many of his contributions have directly affected the cryptocurrency industry.

After being added to Alchemy Pay’s crypto-fiat payment network, the ALGO token can be used for business-to-business or customer-to-business payments globally and borderlessly. Alchemy Pay’s payment network is focused on broadening crypto acceptance by offering low fees and fast settlement via their software solution that requires no special hardware. ALGO will automatically be converted into fiat currency when it is paid online or in-store using the Alchemy Pay Network.

Alchemy Pay’s CEO, John Tan, explained,

Our payment network allows ALGO to be used globally as a currency. Algorand shares our focus on decentralized finance evolution and is happy to help Algorand customers seamlessly transition between blockchain and nonblockchain economies.
Alchemy Pay founded the Blockchain Infrastructure Alliance in October 2017. Algorand is now a member. This alliance brings together innovators and industry leaders to promote decentralized finance. It’s inclusion as a founding member will bring Algorand together with other leading DeFi projects and further BIA’s aim to build a more unified and stronger blockchain industry.

Algorand’s Head of Developer Advocate, Haichao Zhu, said of the integration,

Algorand is widely recognized as the answer to a Layer 1 decentralized, secure and scalable blockchain. Algorand was founded with the mission to both empower traditional finance systems and create the new web3. Alchemy Pay integration will allow us to expand our ecosystem and enable more flexible application scenarios, and make the technology available to everyday life.

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