Press release. Singapore, 22 September, 2021 – Alchemy Pay is using now Chainlink’s price feed To enable users to buy cryptocurrencies on decentralized exchanges (DEXs) and get loans directly from Wallet to leading DeFi transaction platforms using Alchemy Pay’s ERC-20 utility token, ACH.
The ChannelLink Price Feed helps reassure users that they use their ACH directly on Uniswap, Susiswap, and ForTube through their wallet, and that they receive a fair market exchange rate when purchasing assets while paralleling DeFi loans with ACH.
“The key to the success of our payment gateway solution is that the value of ACH is accurately distributed across the entire ecosystem,” said Alchemy Pay CEO John Tan. “The accuracy of the chainlink price feed depends on the powerful technology employed to protect against channellink downtime and manipulation.”
Since the value of an asset is not a data feed inherent in the blockchain, a solution is needed to bring it from the blockchain (off-chain) and then provide it on-chain when users transact with different cryptocurrencies.. It is important that property values reflect a volume-varied average from all business environments, as opposed to just one exchange, to prevent errors. In contrast to centralized entities, chainlink decentralized oracle networks bring and deliver prices.
Following the initial integration of Alchemy Pay in 2020, Channellink has become a key component of Alchemy Pay’s payment gateway system. In order to use Alchemy Pay’s payment facilities, retailers pledge ACH to the network. By paralleling ACH, retailers are able to use the Alchemy Pay system to receive cryptocurrencies in their online and physical stores, converting the Alchemy Pay merchant into the required Fiat currency. Transactions in the system are completed in seconds at a cost of about 30% of the legacy payment system.
Alchemy Pay connects with merchants through major platforms such as Shopify, Binance and QFP, which represent more than 2 million touchpoints worldwide.
ChannelLink already helps protect billions of dollars across DeFi and CeFi. Some of the benefits of the ChannelLink Price Feed include:
- High quality data – ChainLink Prices Feed source data from numerous premium data aggregators, resulting in hundreds of exchanges, weighted by volume, and price information for the removal of external and suspicious volumes.
- Secure node operator -Chanelink Price Feeds are protected by independent, security-review and Sybil-resistant Oracle nodes, operated by leading blockchain developers with a strong track record for reliability even during high gas prices and extreme network congestion.
- Decentralized network – Chainlink price feeds are decentralized at the data source, Oracle node and Oracle network level, creating strong protection against downtime and tampering.
- Economic criteria – Benefiting from the chainlink price feed scale economy, where increasing adoption allows multiple projects to jointly use and fund shared Oracle networks to bring the commonly needed datasets. This allows DFI projects to get premium data quality and robust Oracle security for a fraction of the total cost of traditional therapeutic feeds.
“Our hybrid crypto-fiat system enables both crypto and fiat for day-to-day digital payments-large or small এক in single-unit systems, ”Tan said. We can rely on ChannelLink for this. ”
Chainlink is the industry standard for building, accessing and selling Oracle services needed to get a hybrid smart contract in any blockchain. Channeling Oracle networks provide smart contracts that reliably connect to an external API and use secure off-chain computing to enable feature-rich applications. ChannelLink currently secures billions of dollars in DFI, insurance, gaming and other major industries and provides universal gateways to all blockchains of global enterprises and leading data providers. Learn more about Channellink by visiting Chain link Or read the documentation docs.chain.link. To discuss an integration, Reach out to a specialist.
About Alchemy Pay
Alchemy Pay is the inventor of the world’s first hybrid Fiat and digital currency gateway solution for businesses and investors. Alchemy Pay provides seamless crypto and fiat adoption for merchant networks, developers and financial institutions, and the ability to adopt blockchain technology by making crypto investment and DFI services easily accessible in the fiat economy. Today, Alchemy operates in 18 countries and territories and has touchpoints with more than 2 million merchants through partnerships with industry giants such as Binance, Shopify, Arcadia, QFP and many more.
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