Crypto payment provider Alchemy Pay announced that it would launch a layer-1 blockchain called Alchemy Chain to support the “growing needs” of its business operations.
In an announcement, Alchemy Pay said the blockchain will be built using a Solana Virtual Machine (SVM) architecture. The company said it would enable interactions between offchain storage and blockchain-based transactions.
In addition, the firm said that its goal is to establish a system where “fiat currencies and cryptocurrencies coexist without friction.”
Source: Alchemy Pay
The company aims to cater to large-scale business applications and plans to integrate layer-2 solutions for account mapping and data synchronization.
Paying gas fees using fiat currency
Furthermore, the company said that the ACH token will be the utility token of the upcoming layer-1 blockchain. Users would be used to pay gas fees using the crypto. However, the company also said that users will have the option to pay gas fees using fiat. Alchemy Pay wrote:
“Users can conveniently cover gas fees and transactions using either $ACH or fiat, with seamless conversion of profits and other on-chain earnings into fiat currency.”
The company also promised to implement a revenue mechanism for stablecoins. Alchemy Pay said it would provide users with a chance to earn yield.
The crypto payment provider is also getting into memecoins by introducing tools aimed at supporting memecoin projects.
These include a meme launchpad, which will facilitate the creation and launch of meme projects and a Meme Telegram bot, which will provide a way for developers to interact with the ecosystem.
Related: Memecoin search interest and market performance steals spotlight from Bitcoin
Samsung Pay integrates Alchemy Pay
On Oct. 8, Alchemy Pay updated its virtual card service by integrating with Samsung Pay, a popular payment method and digital wallet service offered by Samsung Electronics. With the new integration, crypto holders can spend their digital assets using Samsung Pay.
An Alchemy Pay spokesperson previously told Cointelegraph that the company expects more demand from indirect users after the integration.
“As we have a lot of business partners, there will be more indirect users that use our product through the integration,” the spokesperson said.
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