Algorand has progressed in three different dimensions in the industry. It has integrated with Alchemy Pay to get more users onboard, added fiat payment channels like Visa & MasterCard, to mention a few, and joined the Blockchain Infrastructure Alliance that was founded in October.
The integration is expected to bypass the complications that earlier existed in the Crypto Exchanges and offer direct access to these exchanges.
Background
Alchemy Pay is a layer one blockchain provider of integrated fiat and Crypto gateway solutions. It supports 65 major countries with 200 different payment channels.
The objective of Alchemy Pay is to power the acceptance of blockchain technology to merchants, financial institutions, and developers. This is where the integration of two different gateways comes to play.
It enables users to seamlessly move across blockchain and non-blockchain solutions. Alchemy Pay stands to its objectives by constantly remaining active in the field of making Crypto investments available to consumers.
Blockchain technology is also powered by Alchemy Pay through its efforts of promoting commercial transactions and DeFi services among consumers.
Algorand Foundation has been termed a perfect match for Alchemy Pay. Just like the provider, the foundation works to fulfill the promise of achieving blockchain technology across the globe.
The Foundation was founded by Silvio Micali, an MIT Professor. Its bricks were established with a vision to harness the full potential of a borderless and equitable economy. What offers a path to achieve this vision is the development of an inclusive ecosystem that is filled with opportunities for the users.
The Integration
Algorand and Alchemy Pay have found a perfect match through the integration. Both have been working on a similar line of developing an inclusive ecosystem and getting more merchants on board.
The integration will serve benefits to both. Once integrated, users will be able to access ALGO to make Business-to-Business and Customer-to-Business transactions globally.
Merchants gain from this integration as well. They will have easy access to the, and convenience of, automatic conversion of digital currency into fiat currency.
Their collaborative focus of bringing traditional finance together with decentralized blockchain finance will make it easier for both of them to accomplish the process of integration.
John Tan, the Chief Executive Officer of Alchemy Pay, expressed his happiness of being able to help Algorand and its users. He said that he was happy to help the users move across two different economies with ease. He added that the payment network of Alchemy Pay would give ALGO a broader global use as a currency.
Algorand has become a member of the Blockchain Infrastructure Alliance. It was founded by Alchemy Pay along with Polygon, NEO, and NEAR. By joining the alliance, Algorand has further strengthened its commitment to building a blockchain industry that is stronger and unified in nature.
The Alliance creates cooperation and promotes the development of decentralized finance by bringing together industry leaders, innovators, and investors.
The mission statement of Algorand can be summarized and quoted as empowering the traditional finance system while developing a web3 era. The integration with Alchemy Pay will help Algorand to achieve this mission. Alchemy Pay will also be able to expand its ecosystem through integration.
The news of integration has caused minor fluctuations in ALGO coins. So don’t forget to look at this ALGO coin price prediction to understand where the price will be in the future.