As a seasoned crypto investor with a deep understanding of the market, I am thrilled about Alchemy Pay’s latest integration of Tether’s USDT stablecoin on the TON network. With my years of experience in this space, I have witnessed the significance of partnerships like these that make cryptocurrency more accessible to everyday people.
Founded in Singapore in 2017, Alchemy Pay serves as a payment solution innovator. Its primary goal is to facilitate smooth transactions by connecting cryptocurrencies and other Web3 services with traditional fiat payment systems.
As a researcher delving into the world of cryptocurrencies and digital banking, I’ve come across Alchemy Pay, an innovative platform that caters to users in 173 countries. With its comprehensive range of services, Alchemy Pay aims to simplify the investment process for digital tokens, enabling users to play casino games using the USDT stablecoin, shop with Bitcoin on e-commerce stores, and much more.
The Announcement
On June 6, 2024, this cryptocurrency giant made an announcement via a post. They revealed that they had successfully added Tether’s stablecoin, USDT, to The Open Network (TON), which is connected to Telegram Messenger’s blockchain. By implementing USDT on TON and Alchemy Pay’s payment system, the experience for millions of Telegram users will be enhanced. Moreover, this integration will boost TON’s significance within the crypto sector.
USDT Token has recently joined the TON blockchain, marking an expansion for Tether. This stablecoin, which maintains its value against the US dollar, will fit seamlessly among other tokens such as Toncoin and Notcoin. The objective is to establish a thriving cryptocurrency ecosystem on Telegram Messenger’s platform. In this community, each user can possess a digital identity and assets on the blockchain, making transactions through Telegram Messenger an effortless payment solution.
Justin Hyun, Head of Incubation at TON Foundation, explains that the goal of the TON network is to provide a platform allowing users to effortlessly carry out various cryptocurrency transactions.
“The addition of Toncoin to Alchemy Pay signifies a significant milestone, as our homegrown digital token now stands among the leading cryptocurrencies. Fiable channels for converting fiat money to crypto are essential for bringing in new users to the rapidly expanding blockchain community.”
USDT, which entered the crypto market back in 2014, has gained significant popularity among users due to its versatility. With a massive market capitalization of $112.4 billion today, it is now widely used by Alchemy Pay and celebrated by many as a stable and reliable token. USDT’s broad acceptance has made it an essential component for transactions in various sectors such as online casinos, banks, retail stores, and other businesses.
900 MIllion Active Telegram Users
It was a logical and financially beneficial choice for USDT and other tokens to join the TON Network, given its impressive user base of 900 million on Telegram Messenger. Notable features of this network include its superior scalability, allowing it to process more transactions than many blockchain platforms. Additionally, TON is actively developing cross-chain compatibility, making it an increasingly desirable destination for emerging cryptocurrencies and corporations, drawing in heavy industry players like Alchemy Pay.
Robert McCracken, the Ecosystem Lead at Alchemy Pay, shared his insights on their latest collaboration that bridges the gap between Telegram users and the financial realm through their preferred messaging application.
“Via this connection, we enable TON users to easily and unhindered embark on their cryptocurrency journey. Our dedication remains steadfast in granting simple entry to the perks of cryptocurrency for every person and bridging the gap between everyday life and crypto.”
The integration between TON Blockchain and Alchemy Pay is generating a great deal of excitement due to it being seen as the first meaningful and applicable application of cryptocurrency on TON. This collaboration could bring significant benefits for both parties.
Growing the TON Network
Despite only benefiting current Telegram users at present, Alchemy Pay’s partnership with the TON blockchain network holds greater significance. TON aims to expand its cryptocurrency community by collaborating with forward-thinking entities and implementing innovative concepts. In April, TON lowered transaction fees by 2.5 times as a strategy to draw in new users, resulting in an impressive 110% surge in wallet registrations. With access to Alchemy Pay’s advanced payment gateway, the TON ecosystem becomes even more alluring. By successfully onboarding a substantial global user base through this collaboration, TON hopes to ensure long-term growth and progress.
Alchemy Pay effectively bridges the gap between cryptocurrencies and traditional payment methods due to its significance in both spheres. With investments in conventional payment systems, Alchemy Pay has earned authorization as a third-party service provider from Visa and Mastercard. Offering support for 50 local currencies, 300 fiat payment channels, and various tokens across multiple blockchain networks, Alchemy Pay’s partnerships with Avalanche, OKX, Polygon, Binance Pay, and others enable this capability.
Alchemy Pay’s successes in recent projects can be attributed in part to its exceptional team. With deep expertise in both digital and traditional finance payments, this team possesses a distinctive advantage over competitors. Moreover, they have collaborated with leading players in the crypto sector, broadening their understanding of the cryptocurrency landscape.
Similar Scroll Integration
Recently, Alchemy Pay announced a new integration, bringing USDT and USDC from its blockchain network to the Scroll layer-2 blockchain. Although Scroll is distinct from TON, this move broadens accessibility to Alchemy Pay’s services. Anticipate more such integrations in the future.
Alchemy Pay not only grants users entry to well-known cryptocurrencies across multiple platforms but also introduces its native token, ACH, on the Ethereum blockchain. Introduced in 2020, ACH boasts a market capitalization surpassing $130 million and a maximum supply of 10 billion tokens. The versatility of ACH lies in its hybrid nature, enabling it to function as both a fiat and cryptocurrency payment method. Popular exchanges such as Binance, Coinbase, Huobi, MEXC, Gate, and Uniswap host listings for ACH.
Alchemy Pay’s addition of USDT to the TON blockchain expands the reach of growing cryptocurrencies connected to it. This financial connection through Alchemy Pay creates a valuable entry point for emerging tokens on the network, enhancing their accessibility to users. The significance of Telegram in fostering new cryptocurrencies prior to their official launch is increasing, with many of these tokens debuting on the TON chain. Alchemy Pay simplifies the process of obtaining these coins by streamlining access to the TON network and allowing users to discover and invest in them.
Alchemy Pay’s on-ramp solutions could also be a factor driving TON’s growth. The on-ramp service allows users to buy digital assets directly with a preferred traditional method of payment. It is particularly suitable for beginners or users who have no prior investments or assets to exchange. Many crypto platforms offer on-ramp services, but they don’t rival the cheap, global, and versatile service that Alchemy Pay offers.
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2024-07-17 14:33