Algorand (something), a Layer 1 Blockchain For decentralized applications and finance, it announced today the addition of a new fiat payment channel to its network thanks to a new integration with Alchemy Pay (ACH).

Alchemy Pay is payment solution provider Connecting the fiat and crypto economies, its global merchant network now supports payments in 65 countries with Algorand’s $ALGO token. The Algorand team also announced that it has joined the Blockchain Infrastructure Alliance formed in October by Alchemy Pay, NEO, NEAR and Polygon.

Algorithm + Alchemy Payment

This integration with Alchemy Pay will allow Algorand to attract users through fiat payment standards such as Visa, Mastercard, PayPal and other native payment methods. Being able to bring new users into the Algorand ecosystem through these mainstream payment methods will increase adoption by directly accessing and bypassing the complexities of crypto exchanges that can be a barrier to entry for many.

When added to Alchemy Pay’s cryptocurrency payment network, ALGO tokens can be used for business-to-business or customer-to-business payments. Alchemy Pay’s payment network is focused on expanding the acceptance of cryptocurrencies by providing low fees and fast settlements through software solutions that do not require special hardware. When ALGO is used for online or in-store payments on the Alchemy Pay network, it is automatically converted to fiat currency for the convenience of merchant partners.