- It’s now possible for any company building on the Stellar blockchain to use Alchemy Pay for their on and off-ramp needs after the latter joined one of the largest blockchain networks.
- Users will access some of the lowest fees when making crypto-fiat conversions through the platform’s APIs and plugins, further strengthening the Stellar ecosystem.
One of the leading payment solutions providers, Alchemy Pay, has joined the Stellar blockchain ecosystem to offer seamless and cost-effective on and off-ramp services.
Alchemy announced the expansion this week, describing the new product suite as “a seamless transfer between fiat and crypto via users’ preferred payment methods.”
The #AlchemyPay ramp solution is now accessible to companies building on the Stellar network, offering a seamless transfer between fiat and crypto via users' preferred payment methods.
— Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) November 17, 2023
Alchemy Pay is a payment gateway that launched in 2017 to seamlessly connect the crypto world with mainstream fiat currencies. The Singaporean company offers a bridge that allows users to incorporate fiat services targeting clients that aren’t crypto-native. In addition to on and off-ramp solutions, it also offers a crypto debit card, crypto payments solutions and NFT checkout in over 170 countries.
In the press release, the company touted its ease of use which is enabled by plugins and APIs.
This integration brings the opportunity for developers and dApps within the Stellar ecosystem to seamlessly integrate the Alchemy Pay Ramp through accessible plugins and APIs and to incorporate cost-effective fiat-crypto transition services into their platforms, which are now featured in the Stellar Anchor Directory.
Stellar is the latest entrant into the Alchemy Pay ecosystem which also boasts other major blockchain networks including Polygon, Algorand, Avalanche, Arbitrum and Neo. It also serves major exchanges including Binance, Bitget and OKX.
By integrating Alchemy Pay, Stellar will become more accessible to a wider audience. Currently, millions of potential investors are put off by the complexity of crypto payments. In other cases, the available fiat payment options are inaccessible in some jurisdictions, curtailing their adoption.
The Stellar Ecosystem’s Explosive Growth
Alchemy Pay becomes the latest to integrate into the Stellar ecosystem as the network continues to record explosive growth. According to the SDF’s third-quarter report, the number of accounts increased by 12% to 7.6 million.
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Other developments included the launch of Circle’s EURC stablecoin in Q3. EURC resembles the massively successful USDC stablecoin, which is the second-largest in the market, and is redeemable 1:1 for the euro. Stellar became only the third blockchain where Circle launched the stablecoin.
In one of the biggest announcements, MoneyGram revealed that it was launching its non-custodial digital wallet on Stellar. The wallet will launch in the first quarter of next year and will allow MoneyGram users to leverage the network’s low fees and fast transactions to move their fiat to stablecoins for transfers, and back to fiat upon receipt.
Soroban, which launches early next year, will revolutionize smart contracts on Stellar.
Stellar’s XLM token trades at $0.12 and has lost a marginal 1.9% in the past week. However, in the past week, it has hit its highest price since early September when it hit $0.12.