In order to facilitate its expansion into the Korean market, Singapore’s payment solutions provider Alchemy Pay has announced a strategic partnership with DWF Labs, the prominent multi-stage web3 investment firm.

As part of this partnership, Alchemy Pay has secured $10 million in funding from DWF Labs, which will be utilized to expand its payment business in South Korea, capitalize on the region’s high level of cryptocurrency acceptance, and assist Korean enterprises in achieving greater internationalization, Alchemy Pay said in a statement on Monday.

Alchemy Pay’s estimated valuation during the funding phase was reported to be $400 million.

“The company is currently well-funded, and we accepted the investment for strategic purposes, specifically to aid Alchemy Pay in entering the South Korean market and expanding its payment services in the region,” said Robert McCracken, the ecosystem lead of Alchemy Pay.

He also noted that South Korea presents a promising market for Alchemy Pay.

“South Korea offers a robust market base where Alchemy Pay has yet to establish a strong presence, and we aim to establish a solid foothold in the region,

“By utilizing our payment solutions, more Korean companies can close the division between cryptocurrencies and conventional fiat currencies and to keep pace with global economies,” he added.

Founded in 2018, Alchemy Pay is a payment gateway that connects crypto and global fiat currencies for businesses, developers, and users.

The Alchemy Pay Ramp Solution is integrated, via plugin or API, with platforms and dApps, providing an easy onramp from fiat currency to crypto.

Alchemy Pay’s supports payments from 173 countries – Visa, Mastercard, Discover, Diners Club, Google Pay, Apple Pay, popular regional mobile wallets, and domestic transfers with a focus on emerging markets.

Alchemy Pay has expended considerable effort over the years to expand its global presence and establish partnerships with both mainstream and local payment channels to improve its services.

Boasting over 300 local alternative payment channels, the company’s reach extends beyond traditional credit cards and into local mobile wallet options.

With a strong focus on providing access to emerging markets, Alchemy Pay has established an extensive coverage area encompassing Europe, Northern and Latin America, and Southeast Asia.

In addition to its payment services, Alchemy Pay has also introduced its innovative non-fungible token (NFT) checkout service.

This offering enables customers to acquire NFTs using fiat payment options, making the process as straightforward as any other standard online payment.

With this function, users can easily purchase NFTs using their domestic local currencies.

“We are excited to partner with Alchemy Pay as they continue their global expansion journey, particularly in the Korean market,” said Andrei Grachev, the Managing Partner at DWF Labs.

“Their innovative payment solutions and commitment to bridging the gap between cryptocurrencies and traditional finance align with our vision for a seamlessly integrated digital economy,

“We believe this strategic partnership will accelerate Alchemy Pay’s growth in Korea, providing more opportunities for businesses and consumers to embrace the benefits of digital assets and web3 technologies,” he added. announces partnership with Alchemy to enhance its developer platform