Alchemy Pay Raises $10M at $400M to Push South Korean Expansion Plans
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
:format(jpg)/www.coindesk.com/resizer/Wsw21Z13uYNeMwlEy09fcHX_LHw=/arc-photo-coindesk/arc2-prod/public/Z2G3HHMTVJGWRAQIH4UHCT3FEY.jpg)
Jamie Crawley is a CoinDesk news reporter based in London.
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Alchemy Pay, a payments provider based in Singapore, has received $10 million in investment from market maker DWF Labs at a $400 million valuation as it eyes expanding its business in South Korea.
The company, which provides a way for crypto companies to access the fiat payment system, aims to capitalize on South Korea’s “high level of crypto acceptance” and assist local firms in achieving greater internationalization, according to a statement shared with CoinDesk. It has previously worked with the likes of Visa, Mastercard, Google Pay and Apple Pay to this end.
Last week, crypto exchange OKX plugged Alchemy Pay into its platform to make it easier for customers to purchase cryptocurrency using their local currencies.
The $10 million injection into Alchemy continues DWF Labs’ prolific investment streak of recent weeks. The market maker has now put its name to eight investments or funding rounds of at least $10 million into crypto and Web3 projects in the past six weeks. The combined total reaches $165 million.
The current bearish market is “the best time to join the investment space,” DWF’s managing partner Andrei Grachev recently told CoinDesk. “We accumulated enough funds from our profits to invest in projects now.”
Alchemy Pay’s native token, ACHP, has a market cap of just over $180 million.
Edited by Sheldon Reback.
DISCLOSURE
Please note that our
privacy policy,
terms of use,
cookies,
and
do not sell my personal information
has been updated
.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
strict set of editorial policies.
CoinDesk is an independent operating subsidiary of
Digital Currency Group,
which invests in
cryptocurrencies
and blockchain
startups.
As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of
stock appreciation rights,
which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG
.
Jamie Crawley is a CoinDesk news reporter based in London.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
Jamie Crawley is a CoinDesk news reporter based in London.
