Cryptocurrency payments solution provider Alchemy Pay has introduced the launch plan for its Layer-1 blockchain.
Alchemy Chain, announced Monday (Oct. 28), is built on a scalable Solana Virtual Machine (SVM) architecture and designed to support the growing needs of Alchemy Pay’s business operations and integrate crypto and fiat payments.
“Alchemy Chain is positioned to become a cornerstone of the evolving payment landscape by enabling seamless interaction between blockchain-based transactions and off-chain storage,” the company said in a news release. “Its ultimate goal is to establish a system where fiat currencies and cryptocurrencies coexist without friction, enhancing transparency, security, and efficiency in cross-border settlements.”
The release adds that Alchemy Chain will offer a “high-scalability infrastructure” designed to accommodate large-scale business applications, with an architecture constructed to process transactions “rapidly and efficiently,” ensuring flexibility and reliability as Alchemy Pay’s user base grows.
The company says the blockchain’s security and transparency is centered around its Trusted Proof-of-Authority (TPoA) mechanism, “which ensures the integrity and transaction speed of validating nodes.”
“In addition, Alchemy Chain will integrate advanced Layer-2 solutions that enable seamless account mapping and data synchronization, minimizing redundant data storage and optimizing scalability,” the release adds.
The announcement follows news from last month that Alchemy Pay’s virtual card had begun supporting Google Pay, letting users pair the card with that digital payment platform.
In other blockchain related news, PYMNTS spoke last week with Ran Goldi, SVP, payments and network at Fireblocks, and Nikola Plecas, head of commercialization, Visa Crypto, to examine the benefits and myths surrounding blockchain-based payments.
“Blockchain isn’t going to solve world hunger. It’s not a magical fix for every problem,” Goldi said, though it offers an upgrade to financial systems. He also stressed that the real power of blockchain comes from faster, more transparent value transfers, an area where stablecoins are already enjoying more traction.
And although traditional payment systems like Swift can take days to process transactions, Goldi said, stablecoins enable almost instant cross-border payments in “under 10 minutes.”
The panelists also noted that stablecoins offer significant advantages over existing payment systems: native programmability, strong auditability, fast settlement, self-custody options and seamless interoperability. They also stressed the importance of abstracting the technical complexity of blockchain.
“We want payment companies to stop worrying about blockchain’s intricacies and start using these new rails,” Goldi said, advising payment companies to experiment with blockchain to see how customers react.
“Today, the demand for blockchain solutions is driven by end-users — merchants who want faster settlements and gig workers who need instant payouts.”
