SG’s Alchemy Pay secures $10m to expand to South Korea

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Founded in 2018, Singapore-based Alchemy Pay is a fiat-crypto gateway integrated into blockchain and Web3 platforms. The company has grown its network to include industry giants like Binance, OKX, and Shopify.

After the recent funding from DWF Labs, Alchemy said its valuation hit US$400 million. It will use the new capital to expand its business in South Korea, leveraging the country’s friendliness towards crypto.

Funding details

• Funding amount: US$10,000,000
• Lead investor: DWF Labs
• Stage: Bridge
• Valuation: US$400,000,000
• Source

Robert McCracken, the ecosystem lead for Alchemy Pay, said South Korea is a key market for the company as it offers a “robust market base where Alchemy Pay has yet to establish a strong presence.”

Statista estimated it to be the third-biggest cryptocurrency market worldwide. The country’s also looking to position itself as a crypto hub in Asia – its second-largest city, Busan, has signed deals with exchange majors like Binance to launch a public crypto-trading venue by the end of 2023.

According to the company’s website, Alchemy Pay supports crypto and fiat transactions across 173 countries and over 50 different currencies. It has partnered with Visa and MasterCard, as well as e-wallets like Indonesia’s Dana and Ovo, the Philippines’ GCash, and Korea’s Kakao Pay.

Additionally, Alchemy Pay also offers an NFT checkout service that allows users to pay for their digital assets using fiat currency.

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