Cryptocurrency payment provider, Alchemy Pay, has announced plans to launch a blockchain known as Alchemy Chain. Designed to support the firm’s expanding business needs, this layer-1 blockchain will be constructed using a Solana Virtual Machine (SVM) architecture, which will allow interaction between off-chain storage and blockchain-based transactions. Alchemy Pay’s primary goal is to create a system where both fiat and cryptocurrencies can operate seamlessly together.
The company’s new initiative is designed to facilitate large-scale business applications and incorporates features such as layer-2 solutions for data synchronisation and account mapping. The forthcoming layer-1 blockchain will also use the ACH token, the native token of Alchemy Pay, as its utility token for covering gas fees. However, users can opt to pay these fees with fiat currencies, providing an easy method for converting profits and other on-chain earnings into fiat currency.
Moreover, Alchemy Pay has plans to implement a revenue mechanism for stablecoins, providing an opportunity for users to earn yield. The company’s foray into the world of memecoins encompasses the introduction of tools to aid memecoin projects, such as a meme launchpad for creating and launching meme projects and a Meme Telegram bot to facilitate developer interaction with the ecosystem.
In recent developments, Alchemy Pay has extended its virtual card service by integrating with Samsung Pay, a leading digital wallet service from Samsung Electronics. This integration enables crypto users to spend their digital assets via Samsung Pay. Earlier, Alchemy Pay had indicated that it expects a surge in demand from indirect users following this integration, as the company boasts a substantial number of business partners.