CoinClear

Alchemy Pay

4.8/10

Crypto payment gateway and fiat ramp — growing integrations but highly competitive market with limited decentralization or moat.

Updated: February 16, 2026AI Model: claude-4-opusVersion 1

Overview

Alchemy Pay was founded in 2018 in Singapore as a hybrid crypto-fiat payment solution. The platform provides two core services: (1) a crypto payment gateway that enables merchants to accept cryptocurrency payments, and (2) a fiat on/off ramp that allows users to buy crypto with fiat (credit cards, bank transfers) and sell crypto for fiat, integrated directly into wallets, exchanges, and dApps.

The fiat ramp business has become Alchemy Pay's primary growth driver. Rather than competing with Visa or Mastercard for point-of-sale payments, Alchemy Pay has found traction embedding its ramp solution into crypto platforms that need fiat-to-crypto conversion for their users. Integrations span exchanges, wallets, DeFi protocols, and gaming platforms across Asia, Latin America, and other regions.

Alchemy Pay holds payment and money transmission licenses in several jurisdictions, supporting 173+ countries and 300+ payment methods. The ACH token provides utility within the ecosystem including fee discounts and staking rewards. However, the project faces fierce competition from MoonPay, Transak, Ramp Network, and the native ramp solutions built by major exchanges.

Technology

Payment Infrastructure

Alchemy Pay's technology stack handles the conversion between fiat currencies and cryptocurrencies. The system integrates with local payment processors, banking APIs, and card networks to accept fiat deposits, then executes crypto purchases and delivers tokens to user wallets. For off-ramping, the reverse process converts crypto to fiat through local payment channels.

The platform supports 50+ fiat currencies and multiple crypto assets across major blockchains (Ethereum, BNB Chain, Polygon, Solana, etc.). The SDK and API allow platforms to embed Alchemy Pay's ramp functionality with customizable UI widgets.

Merchant Solutions

The merchant payment gateway allows businesses to accept crypto payments and receive settlement in either crypto or fiat. The gateway handles conversion, rate management, and settlement. This is a straightforward payment processing service, technically similar to what BitPay and CoinPayments have offered for years.

Technical Differentiation

Alchemy Pay's technical moat is thin. The core technology — connecting fiat payment rails with crypto — is a licensing and integration challenge more than an engineering one. The differentiation comes from geographic coverage (especially in Asia), regulatory licenses, and the breadth of local payment method integrations rather than proprietary technology.

Security

Regulatory Compliance

Alchemy Pay holds payment and money transmission licenses in several jurisdictions, which is a meaningful security feature for users — licensed operators are subject to regulatory oversight, capital requirements, and compliance standards. KYC/AML procedures are implemented for all transactions.

Fund Security

As a payment processor, Alchemy Pay handles user funds in transit between fiat and crypto. The security of these funds depends on the custodial arrangements, insurance coverage, and operational security of the company. Details on insurance coverage and reserve management are not extensively documented.

Smart Contract Risk

The ACH token is a standard ERC-20 token with limited on-chain complexity. The payment processing itself is largely off-chain, reducing smart contract attack surface but introducing centralized operational risk.

Decentralization

Centralized Operation

Alchemy Pay is a centralized payment company. The payment processing, KYC verification, fiat banking relationships, and fund custody are all managed by the company. This is inherent to the business model — regulated fiat payment processing cannot be decentralized under current regulatory frameworks.

Token Role

The ACH token adds a crypto-native layer to a fundamentally centralized business. Token holders have no governance rights over the payment processing operations. The token serves primarily as a loyalty/utility mechanism (fee discounts, staking) rather than a decentralization tool.

Why Decentralization Is Low

This is not a criticism so much as a structural reality. Fiat payment processing requires banking relationships, regulatory licenses, and compliance infrastructure that are inherently centralized. The question is whether a token is the right mechanism to align incentives in a centralized payment business.

Adoption

Integration Count

Alchemy Pay claims integration with 300+ platforms including exchanges, wallets, and dApps. Notable integrations include Binance, Bybit, Trust Wallet, and various gaming and DeFi platforms. The breadth of integrations — particularly in Asian and emerging markets — is the company's primary competitive advantage.

Geographic Reach

Support for 173+ countries and 300+ local payment methods is impressive breadth. Alchemy Pay has particularly strong coverage in Southeast Asia, where local payment methods (GrabPay, GCash, etc.) are essential for crypto on-ramping. This regional specialization is a genuine differentiator versus Western-focused competitors like MoonPay.

Revenue and Volume

Specific revenue and transaction volume figures are not publicly disclosed. Alchemy Pay generates revenue through transaction fees on each ramp conversion (typically 1-5% depending on method and region). Without transparent volume data, it's difficult to assess the actual commercial scale.

Tokenomics

Token Overview

ACH has a total supply of 10 billion tokens, with distribution across public sale, team, advisors, ecosystem, and reserve categories. The token is used for fee discounts on the Alchemy Pay platform, staking rewards, and various promotional mechanisms.

Utility Model

ACH holders receive fee discounts when using the Alchemy Pay ramp, and can stake tokens for rewards. The fee discount model creates some organic demand from active platform users, but the magnitude depends on actual platform volume — which is not publicly disclosed.

Token Necessity Question

The fundamental question for ACH is whether a token is necessary for a centralized payment processing business. MoonPay, Transak, and Ramp Network operate successful fiat ramp businesses without tokens. The ACH token may be more of a community-building and fundraising mechanism than a core infrastructure requirement.

Risk Factors

  • Intense competition: MoonPay, Transak, Ramp Network, and exchange-native ramps compete directly.
  • Centralization: Entirely centralized payment operations with no decentralization roadmap.
  • Regulatory risk: Payment licenses can be revoked; crypto regulation changes could impact operations.
  • Token necessity: Unclear why a decentralized token is needed for a centralized payment service.
  • Transparency: Limited disclosure of transaction volumes, revenue, and financial metrics.
  • Margin pressure: Fiat ramp fees are being compressed by competition and exchange-native solutions.

Conclusion

Alchemy Pay operates a real business in the crypto fiat ramp space, with meaningful integrations and geographic coverage — particularly in Asian markets where local payment method support is critical. The regulatory licenses and 173-country coverage represent genuine operational infrastructure.

However, the investment thesis requires believing that Alchemy Pay can maintain competitive positioning against well-funded competitors and exchange-native ramp solutions, while also justifying why the ACH token is necessary for a centralized payment business. The 4.8 score reflects a functional business with real revenue potential, constrained by centralization, competitive pressure, limited transparency, and questionable token necessity.

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