Alchemytech

About Alchemytech

Alchemy Pay operates as a payment gateway designed to bridge the gap between fiat and cryptocurrency economies for a global user base that includes consumers, merchants, developers, and institutions. The company was founded in Singapore in 2017 by a team of veterans from the traditional finance and payments sectors, including Shawn Shi. The founding team's collective experience at companies like PayPal, HSBC, and Mastercard informed their vision to simplify cross-border transactions and drive mainstream adoption of crypto assets.

The core of Alchemy Pay's business is its hybrid payment system, which enables merchants to accept payments in both traditional fiat currencies—through channels like Visa, Mastercard, Google Pay, and regional mobile wallets—and various cryptocurrencies. This system is designed so that merchants can receive settlements in their local fiat currency without being exposed to the volatility risks of digital assets. The business generates revenue through handling fees on these transactions, which are positioned as being lower than traditional card schemes. The company's clientele includes e-commerce platforms, Web3 services, crypto exchanges, and offline merchants. By 2019, the firm had deployed its initial hybrid solution with retailers in Singapore and Hong Kong.

Alchemy Pay's product suite has expanded to address various segments of the Web3 ecosystem. Its key offerings include a fiat-crypto On & Off-Ramp solution, which allows users to buy and sell crypto with fiat currency directly on dApps and platforms, supporting transactions in 173 countries. The company also provides an NFT Checkout for direct NFT purchases with fiat, a white-label crypto card solution for businesses to issue their own branded cards, and is launching a Web3 Digital Bank to offer multi-fiat accounts and seamless fiat-crypto conversions for enterprises. A significant part of its strategy involves securing regulatory licenses in key markets like the U.S., UK, Canada, and Australia to ensure compliant operations.