Alchemy Pay, a Singapore-based payments provider, has secured $10 million in funding from market maker DWF Labs at a $400 million valuation, media reports said. The investment will aid the company’s expansion plans in South Korea, where it aims to capitalize on the high levels of crypto acceptance and assist local firms in achieving greater internationalization.
The company provides crypto companies with fiat payment solutions and has previously worked with industry giants like Visa, Mastercard, Google Pay, and Apple Pay. Last week, it partnered with crypto exchange OKX to make it easier for customers to purchase cryptocurrency using their local currencies.
The latest investment is DWF Labs’ eighth investment of $10 million or more in the past six weeks, totaling $165 million. The market maker is making the most of the bearish market to invest in promising projects. “We accumulated enough funds from our profits to invest in projects now,” said DWF’s managing partner Andrei Grachev.
Alchemy Pay’s native token, ACHP, currently has a market cap of just over $180 million. With the additional funding, the company is well-positioned to continue its growth and expansion in the crypto payments space.
South Korea is a particularly attractive market for Alchemy Pay due to its high level of crypto acceptance. The country is home to several prominent crypto exchanges and has a thriving blockchain and crypto ecosystem. By helping local firms achieve greater internationalization, Alchemy Pay hopes to become a leading player in the region’s crypto payments market.
