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.
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."
UPDATE (April 3, 07:16 UTC): Adds "Valuation" to headline.
UPDATE (April 3, 08:30 UTC): Changes "Alchemy" to "Alchemy Pay" in fourth paragraph.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.