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Algorand is bringing direct fiat payment channels into their network through a partnership with Alchemy Pay, according to a press release on Monday (Jan. 10).
A layer-1 blockchain for decentralized and traditional finance, Algorand offers the $ALGO token for payments. Integrating with Alchemy Pay gives Algorand the ability to onboard users via fiat payment standards such as Visa, Mastercard, PayPal and other local payment channels worldwide.
Alchemy Pay, a payment solutions provider that connects fiat and crypto economies, has a global merchant network that will now support Algorand’s $ALGO token for payments in 65 countries.
See also: Algorand Foundation Announces $300M Fund to Grow DeFi Innovation
Algorand joined the Blockchain Infrastructure Alliance (BIA) when it launched in October in coordination with Alchemy Pay, NEO, NEAR, and Polygon.
“Our payment network gives ALGO broad use as a currency globally. Like us, Algorand is focused on the evolution of decentralized finance, and we are happy to be helping Algorand users move seamlessly between blockchain and non-blockchain economies,” said Alchemy Pay CEO John Tan.
By integrating mainstream payment methods, new users can join the Algorand ecosystem without the complications that are often a major bar to entry. The partnership between the two companies is expected to increase overall adoption.
Read more: Alchemy Pay Will Offer Virtual Crypto MC, Visa Cards
Alchemy Pay and Algorand offer complementary services that are striving to bring together traditional finance with decentralized, blockchain finance. Founded by MIT professor Silvio Micali in 2017 in Boston, Massachusetts, Algorand is a pure-proof-of-stake platform that is energy-efficient and has attracted environmentally conscious investors.
Once Algorand is integrated with Alchemy Pay’s crypto-fiat payment network, the ALGO token will be enabled for use globally for business-to-business or customer-to-business payments. When ALGO is used to pay online or in-store on Alchemy Pay, it will be automatically converted to fiat currency.
“Algorand has been widely known as the solution for a decentralized, secured and scalable Layer 1 blockchain. The mission of Algorand has always been empowering the traditional finance system as well as developing the web3 era. The integration with Alchemy Pay will help us further expand our ecosystem to enable much more versatile application scenarios and bring the technology to everyone’s daily life,” said Algorand Head of Developer Advocate Haichao Zhu.
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