Alchemy Pay Raises $10M at $400M Valuation to Push South Korean Expansion Plans

The funding came from DWF Labs, its eighth investment of $10 million or more in the last six weeks.

AccessTimeIconApr 3, 2023 at 2:00 a.m. UTC
Updated May 9, 2023 at 4:11 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Alchemy Pay, a payments provider based in Singapore, has received $10 million in investment from market maker DWF Labs at a $400 million valuation as it eyes expanding its business in South Korea.

The company, which provides a way for crypto companies to access the fiat payment system, aims to capitalize on South Korea's "high level of crypto acceptance" and assist local firms in achieving greater internationalization, according to a statement shared with CoinDesk. It has previously worked with the likes of Visa, Mastercard, Google Pay and Apple Pay to this end.

  • Treasury Secretary Yellen Advises Against Bitcoin for Retirement Savings
    06:30
    Treasury Secretary Yellen Advises Against Bitcoin for Retirement Savings
  • WallStreetBets Founder: Collective Good is ‘Higher’ Than Sum of Money Lost in Terra Meltdown
    10:03
    WallStreetBets Founder: Collective Good is ‘Higher’ Than Sum of Money Lost in Terra Meltdown
  • Bitcoin falls below $30K as Inflation Hits 40-Year High
    07:06
    Bitcoin falls below $30K as Inflation Hits 40-Year High
  • Coinbase Makes Strategic Investment in Crypto Exchange Zipmex: Report
    07:41
    Coinbase Makes Strategic Investment in Crypto Exchange Zipmex: Report
  • Last week, crypto exchange OKX plugged Alchemy Pay into its platform to make it easier for customers to purchase cryptocurrency using their local currencies.

    The $10 million injection into Alchemy Pay continues DWF Labs' prolific investment streak of recent weeks. The market maker has now put its name to eight investments or funding rounds of at least $10 million into crypto and Web3 projects in the past six weeks. The combined total reaches $165 million.

    The current bearish market is "the best time to join the investment space,” DWF's managing partner Andrei Grachev recently told CoinDesk. “We accumulated enough funds from our profits to invest in projects now."

    Alchemy Pay's native token, ACHP, has a market cap of just over $180 million.

    UPDATE (April 3, 07:16 UTC): Adds "Valuation" to headline.

    UPDATE (April 3, 08:30 UTC): Changes "Alchemy" to "Alchemy Pay" in fourth paragraph.

    Edited by Sheldon Reback.




    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.