Singapore-based payments provider, Alchemy Pay, has secured $10 million in funding from market maker DWF Labs, with a valuation of $400 million. The investment will be used to support the company’s expansion in South Korea, where it plans to take advantage of the country’s high level of crypto acceptance and facilitate greater internationalisation for local firms.
Alchemy Pay provides a solution for crypto companies to access the fiat payment system and has previously worked with major players such as Visa, Mastercard, Google Pay, and Apple Pay. The company has also partnered with crypto exchange OKX, integrating its platform to enable customers to purchase cryptocurrency using local currencies.
Market maker DWF Labs has continued its recent investment spree by injecting $10 million into payments provider Alchemy Pay, marking the eighth investment or funding round of at least $10 million in crypto and Web3 projects in the past six weeks. With a combined total of $165 million, the latest investment is expected to support Alchemy Pay’s expansion into South Korea.
DWF Labs’ managing partner Andrei Grachev views the current bearish market as the ideal time to invest, stating that the company has accumulated enough profits to fund projects at this time. Alchemy Pay’s native token, ACHP, currently has a market cap of just over $180 million.
