The Alchemy Pay crypto token (ACH) started the year trading at a fraction of a cent. Despite an interesting whitepaper, the ACH token didn’t have much momentum on its side. And the scope of the Alchemy GPS Singapore Pte. Ltd. (the issuer of ACH) project looked more promising than possible. That is until the outfit started landing a large array of strategic partners.
Most notably though were three major breakthroughs for the payment consensus protocol that led to a massive surge in value. Let’s start with what we thought was going to be the biggest news.
At the beginning of August, Coinbase – one of the biggest and most popular crypto exchanges in the world announced it would start letting users transfer ACH to their Coinbase Pro wallet. It’s no secret that Coinbase is one of our favorite crypto exchanges. You can read our review Coinbase review here. So, we anticipated some increase in interest and trading volume. But the real pop was supposed to come when Coinbase started to allow trading of Alchemy Pay crypto.
When ACH began trading on Coinbase, there was a noticeable increase in trading volume. But that proved to only be the starting point. It’s not often that a Coinbase uplisting is outshined. However, that’s exactly what happened.
Alchemy Pay Crypto Goes from Big Time to Bigger Time
On the heels of being added to Coinbase, Alchemy GPS Singapore Pte. Ltd. announced two additional partnerships. The first one was with Cobo – a crypto custody service provider. And the pair make a fantastic match. But in order to make sense of the pairing, it’s important to first know what the two specialize in.
Alchemy’s specialty is as a crypto-fiat hybrid payment solutions provider. And Cobo offers a secure, high-end cold storage wallet. This in addition to the custodial services for institutional investors it offers. Through this partnership, Alchemy Pay will be able to access the Cobos client network. And additionally, it will now be able to offer enhanced security and custodial benefits with the guidance of Cobo.
As the two put their heads together, the plan is to be able to offer overseas payment channels for millions of customers. This partnership could result in major disruptions in virtually every industry where folks pay for goods or services. On top of this, it could have impacts on the remittance industry. Anyone looking to send money across a border to friends or family back home could ostensibly take advantage of this partnership.
The global remittance market was valued at more than $682 billion back in 2018. And it’s anticipated that it will reach $930 billion by 2026. Despite the massive amount of cash that goes through the remittance process, nobody has made the process any faster. It still takes days to get the end user… While banks cut (on average) 7% off the top to stick in their pockets. Being able to quickly and cheaply send money around the world would be huge.
All of this has seemingly gotten to attention of another partner…
Another Exchange, Another Dynamic Partnership
One of the best ways to increase the value of a governance token is to increase its usability. And Alchemy Pay’s partnership with the crypto exchange Binance, makes it sound like the Alchemy Pay crypto is just starting to heat up.
With this collaboration, the two are looking to build a payment bridge between crypto and fiat through the Binance Pay wallet. This announcement is big because Binance is the largest crypto exchange in the world. And Binance Pay is a user-to-user cryptocurrency payment feature on the Binance App. Its functionality was built around the idea of allowing users and merchants to send and receive crypto payments around the world without incurring special handling fees for using crypto.
But with this union, users and merchants will be able to choose their method of payment or getting paid from fiat dollars and more than 40 supported cryptocurrencies. It’s a big boon for Alchemy Pay crypto and the newly unfurled Binance Pay functions. Users will be able to convert and spend their favorite cryptos at more than 60 million merchants worldwide. And that number is only expected to grow… Especially now that the expansion of offerings will be so much more robust.
The Bottom Line on Alchemy Pay Crypto
It’s been a heckuva year for Alchemy GPS Singapore Pte. Ltd. But it hasn’t happened in a vacuum. A lot of work has gone on behind the scenes to pull off this massive, groundbreaking partnerships. And it wouldn’t be at all surprising for more positive news to come soon… All of which will only increase the use and adoption rate of Alchemy Pay crypto.
It may be hard to image more upside potential from a crypto that’s ballooned some 3,000% in such a short time. But signs are pointing to just that. A few weeks ago, Alchemy Pay crypto was on hardly anyone’s radar. And now it’s working its way into the mainstream. That’s what’s behind the massive surge in trading volume… And why we think it’s far from plateaued. A dip here or there is likely. A cooling off period is likely after the FOMO investors pile in. But Alchemy Pay crypto has earned its spot in many investors’ portfolios. So long-term, the prospects of a continued rise in value look very likely.
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About Matthew Makowski
Matthew Makowski is a senior research analyst and writer at Investment U. He has been studying and writing about the markets for 20 years. Equally comfortable identifying value stocks as he is discounts in the crypto markets, Matthew began mining Bitcoin in 2011 and has since honed his focus on the cryptocurrency markets as a whole. He is a graduate of Rutgers University and lives in Colorado with his dog, Dorito.