Alchemy Pay raises $10 million for expansion in South Korea

Alchemy Pay has drawn $10 million from market-maker DWF Labs to grow its business in South Korea. At the conclusion of the strategic investment round, the payments platform was valued at $400 million.

We are excited to partner with DWF Labs, the prominent multi-stage web3 investment firm to secure $10 million funding at a valuation of $400M in this round. This strategic partnership
aims for #AlchemyPay’s expansion into the Korean market.
Learn more: https://t.co/XrgvRNBj3S

— Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) April 3, 2023

The press release says that Alchemy Pay aims to capitalise on the high level of cryptocurrency adoption in South Korea and to help local firms achieve greater internationalisation.

The startup’s list of partners includes Visa, Mastercard, Discover, Diners Club, Google Pay and Apple Pay, as well as regional mobile wallets and domestic transfer systems.

Alchemy Pay operates in 173 countries and supports more than 50 fiat currencies.

Earlier, the bitcoin exchange OKX announced the integration of the platform’s services.

In February, Alchemy Pay entered into a cooperation with fintech BDPay to obtain the Indonesian central bank’s permission to operate in the country.