The world’s 14th largest cryptocurrency exchange by spot trading volume, Coinone, now supports trading and custody of Alchemy Pay’s utility token, ACH, for its market of predominantly South Korean traders. Trading of ACH began on Friday, September 3rd at 6pm KST.
South Korea has seen a huge jump in the adoption of crypto over the past 18 months, led by Coinone, with an unblemished security record.
“Coinone has built an exemplary reputation as a responsible, secure, and popular exchange,” said John Tan, CEO of Alchemy Pay. “Our listing on Coinone will be an excellent point of reference and awareness for crypto-fiat payment gateway clients in the South Korean market.”
Although the South Korean government has been receptive to cryptocurrency and blockchain technology, the increased crypto adoption among its citizens has meant the market has come under proportionate scrutiny from regulators. Among many Korean exchanges, only a few operate with identity verification procedures. Coinone is among the earliest adopters of KYC and AML guidelines. Along with Bithumb, Kobit and Upbit, Coinone is expected to be among the first exchanges to receive the complete set of regulatory approvals currently in effect for cryptocurrency exchanges in South Korea.
ACH is the ERC20 utility token that enables over 20 major cryptocurrencies to be spent by users with retailers online and in physical stores on the Alchemy Pay network. In order to use Alchemy Pay’s payment facilitation services, retailers pledge ACH on the network. Alchemy Pay uses the pool of pledged ACH as collateral to access liquidity from its larger institutional partners and payments, such as Binance and QF Pay. Transactions can occur on and offline, instantly and cheaply – at around 30% the cost of legacy card payments. This is achieved by leveraging State Channel Network and Lightning Network technology. Retailers are able to receive the payment in their local fiat currencies.
As an incentive for using this hybrid fiat-crypto payment network, retailers and customers are rewarded with ACH, a token that has risen more than 1000% in value since the start of the year as a result of its rapidly-increasing number of partnerships across the globe and a recent Coinbase listing. ACH also grants holders various shopping rewards in a similar way to a loyalty card. Alchemy Pay is also planning to launch a virtual credit card – which can be linked to digital wallets like Google Pay and Paypal – in partnership with Visa and Mastercard, which is expected to be in production with its first users by the end of 2021.
“Fully integrated fiat and crypto payments for everyday purchases have long been an ambition of cryptocurrency holders and developers,” said John Tan. “Alchemy Pay offers that, and ACH’s listing on one of the world’s largest exchanges is an indicator of growing support for the project, not only in Asia, but globally.” As a result of Alchemy Pay’s partnerships with other innovative platforms like Shopify, Binance, and QF Pay, it now has over 2 million touchpoints worldwide.