Alchemy, an Asia-Pacific based fiat/crypto hybrid payments company, announced it has partnered with GAP600, a provider of instant confirmation bitcoin and crypto transactions to enhance user experience.
The Alchemy solution offers a hybrid payment system developed in collaboration with QFPay, a digital payments leader serving over 1.2 million merchants across 13 markets in Asia and the Middle East.
Alchemy’s hybrid technology can be conveniently installed as an application on smartphones, tablets, and point-of-sale terminals to allow merchants to accept payments from leading fiat digital wallets in Asia such as Alipay, WeChat Pay, and Rakuten Pay, and from more than 30 popular cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Gemini Dollar and Tether.
Since its August launch, Alchemy has witnessed steady adoption by Hong Kong giant retail chain, Pricerite. Other notable partners include ANA Holdings, the largest airline operator in Japan, which will deploy the hybrid payment solution across its e-commerce and retail stores, as well as CÉ LA VI which operates Singapore’s iconic rooftop bar at Marina Bay Sands and has plans to deploy the payment solution across the CÉ LA VI group’s outlets globally.
“We believe that the usage of cryptocurrencies as a method of payment will be a huge market in the years to come. In this regard, the Alchemy hybrid payment solution is already a game-changer because it creates real-world use cases by allowing crypto holders to spend their cryptocurrencies on goods and services – propelling cryptocurrencies towards becoming a global currency. We were looking for ways to expedite cryptocurrency transactions to enhance the user experience and mitigate risks during periods when transactions are pending. We discovered GAP600 while searching the industry for adequate solutions and it aligned precisely with our requirements.”
– Patrick Ngan, Co-Founder and CEO of Alchemy
As part of its strategy to drive cryptocurrency usage, Alchemy wants to continue integrating new and popular cryptocurrencies, and plans to extend its global footprint to new countries and regions, including South Korea, the Philippines, and Thailand. Alchemy is already integrated with industry-leading crypto exchanges, OTC platforms, cryptocurrency issuers, and crypto wallet providers and is in continuous discussions with industry players to further enhance its payment solution.
The GAP600 solution builds on that value proposition by facilitating instant, risk-mitigated cryptocurrency commerce.
“We enable merchants and exchanges to recognize unconfirmed Bitcoin, Bitcoin Cash and Bitcoin SV transactions as final using a proprietary risk engine, which analyzes and performs live risk scoring for each transaction as it reaches the mempool.”
– GAP600 Founder and CEO, Daniel Lipshitz
Following a seamless set-up and trial period during which Alchemy tested the GAP600 solution, the partners were able to seamlessly move into production.
Beyond payments, Alchemy’s core offerings include tokenization services for businesses to offer their loyalty programs over the blockchain. This service helps businesses save on loyalty program costs, secure customer data, reduce fraud, and allow their loyalty tokens to be spendable across Alchemy and its global merchant network partners.